Singapore’s GDP grows by 5.9% year-on-year in the fourth quarter, surpassing Reuters forecasts

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© Reuters. PHOTOGRAPHY: Storm clouds gather over the horizon of Singapore’s central business district on April 5, 2021. Image taken on April 5, 2021. REUTERS / Edgar Su

SINGAPORE (Reuters) – Singapore’s economy grew slightly more than expected in the fourth quarter compared to a year earlier, preliminary data showed on Monday.

Gross domestic product (GDP) increased by 5.9 percent year-on-year in October and December, the Ministry of Trade and Industry said. Economists polled by Reuters expected growth of 5.4%.

GDP grew 2.6% on a quarterly seasonally adjusted basis in October and December.

For the whole year, the economy grew by 7.2%.

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