Singapore’s economy expanded last quarter after a pick-up in manufacturing at the year end, with the government predicting an improvement in overseas demand in 2014 amid a global recovery.
Gross domestic product rose an annualized 6.1 percent in the three months through December from the previous quarter, when it climbed a revised 0.3 percent, the trade ministry said in a statement today. That compares with a January estimate of a 2.7 percent contraction and the median in a Bloomberg News survey of 12 analysts for a 0.8 percent gain.
Singapore, as one of the world’s most open economies, is poised to benefit from accelerating global growth this year that the International Monetary Fund has predicted. The improvement will be good news for the city-state’s companies that have struggled with tepid demand and rising costs, and the government may announce in its annual budget tomorrow measures to help businesses cope better while providing more social support for an aging population.
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