Economics
Singapore 2012 GDP Grew 1.2% as Recession Seen in Second Half
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Singapore’s expansion eased to a three-year low in 2012, according to government estimates that suggest the economy probably contracted in the fourth quarter, slipping into its first recession since 2009.
Gross domestic product rose 1.2 percent in 2012, Prime Minister Lee Hsien Loong said in his New Year message released yesterday. The growth rate he gave implies a contraction last quarter from the previous three months, said Michael Wan, an economist at Credit Suisse Group AG.