Singapore’s economy grew more than initially estimated last quarter as manufacturing improved, even as the outlook for this year is clouded by an uneven global recovery.
Gross domestic product grew an annualized 4.9 percent in the three months through December from the previous quarter, when it rose a revised 2.6 percent, the Ministry of Trade and Industry said in a statement Tuesday. That compares with a January estimate of a 1.6 percent gain and the median forecast of 2.2 percent in a Bloomberg News survey of 13 economists.
A plunge in oil prices is generating more disposable income in the U.S., Singapore’s third-biggest export destination. The Monetary Authority of Singapore unexpectedly eased policy last month, sending the currency to the weakest level since 2010 against the greenback.