Singapore's 2012 economic growth slows to 1.2%

SINGAPORE: Singapore recorded an estimated 1.2 percent economic growth last year, less than official forecast of around 1.5 percent, the Ministry of Trade and Industry said today.

Singapore's GDP growth during 2011 had stood at 4.9 percent.

Weakness in the manufacturing sector continued to weigh down on the economy last year, said the ministry in a statement.

The sector contracted by 0.2 percent compared to 7.6 percent a year ago.

The services producing industries also slowed down to 1.2 percent from 4.4 percent during the review period.

The growth came from city state's construction sector, which expanded by 8.8 percent, up from 2.6 percent in 2011.