Singapore's economy grew by estimated 4.8% in 2011

The pace of growth of the Singapore economy eased in the fourth quarter of 2011, the Ministry of Trade and Industry said on Tuesday.

According to advance estimates, the economy grew by 3.6 per cent on a year-on-year basis in the fourth quarter of 2011, compared to the 5.9 per cent growth in the third quarter, the MTI said in a statement.

On a seasonally-adjusted quarter-on-quarter annualised basis, the economy contracted by 4.9 per cent, following the 1.5 per cent gain in the previous quarter.

MTI said that for the whole of 2011, the economy is estimated to have expanded by 4.8 per cent, in line with its growth forecast of around 5.0 per cent for the year.