Singapore’s Economy Contracts Less Than Previously Estimated

Singapore’s economy shrank less than initially estimated last quarter as a surge in pharmaceutical production supported manufacturing at the year end.

Gross domestic product fell an annualized 2.5 percent in the fourth quarter of 2011 from the previous three months, less than an initial estimate of a 4.9 percent decline, the trade ministry said in a report today. Non-oil domestic exports will probably rise 3 percent to 5 percent in 2012, the trade promotion agency said in a separate statement, reiterating an earlier forecast.