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Singapore economic growth slows down to 1.2%

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Singapore: 

Singapore recorded an estimated 1.2 per cent economic growth last year, less than official forecast of around 1.5 per cent, the Ministry of Trade and Industry said today.

Singapore's GDP growth during 2011 had stood at 4.9 per cent.

Weakness in the manufacturing sector continued to weighdown on the economy last year, said the ministry in a statement.

The sector contracted by 0.2 per cent compared to 7.6 per cent a year ago. The services producing industries also slowed down to 1.2 per cent from 4.4 per cent during the review period.

The growth came from city state's construction sector which expanded by 8.8 per cent, up from 2.6 per cent in 2011.

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