Singapore Q4 GDP growth seen likely to be revised higher

[SINGAPORE] Singapore's economy likely expanded more than initially estimated in the fourth quarter, a Reuters poll showed, after the city-state's manufacturing output in December held up better than expected.

According to the median forecast of 11 economists polled by Reuters, gross domestic product (GDP) in the fourth quarter likely expanded 1.7 per cent from a year earlier, faster than the 1.5 per cent growth in the advance estimate of GDP released on Jan. 2.

The poll also showed that fourth-quarter GDP probably grew 2.1 per cent from the third quarter on an annualised, seasonally-adjusted basis. That would beat the 1.6 per cent pace in the government's advance estimate.

Economists said fourth-quarter growth was likely to be revised higher given data late last month which showed manufacturing output in December fell less than expected on year-on-year terms, and held up better than what was implied by the October-December GDP advance estimate.

Detailed readings for fourth-quarter and 2014 full-year GDP will be released on Feb 17.

The median estimate among nine economists was for full-year 2014 growth at 2.9 per cent, down from 3.9 per cent in 2013. For 2015, the median forecast is for 3 per cent growth.

REUTERS