Singapore's economy continued to contract in the fourth quarter, but at a slower pace than the previous quarter, as industries such as manufacturing, wholesale trade and finance recorded growth despite the pandemic. Manufacturing grew 10.3% from a year earlier in the fourth quarter, extending an 11.0% expansion in the third quarter. Retail trade shrank 4.7% in the fourth quarter, a smaller decline than the 8.6% contraction in the third quarter. On quarter, GDP grew 3.8% in the fourth quarter on a seasonally adjusted basis. Taking into account the developments in the global and domestic economies, the MTI has maintained Singapore's GDP growth forecast at 4.0% to 6.0% for 2021, it said.

Source: Wall Street Journal February 15, 2021 01:07 UTC