SINGAPORE lowered its growth for this year to 4-6 per cent from an earlier estimate of 4.5-6.5 per cent, amid concerns for its exports as world economies weakened.
The Ministry of Trade and Industry (MTI) announced in a press release on Thursday that the economy grew 7.7 per cent last year, following a 8.2 per cent expansion in 2006.
For the fourth quarter of 2007, Singapore's economy moderated, growing by 5.4 per cent, compared with an advance estimate of 6.0 per cent and the 9.5 per cent increase in the previous quarter.
Growth on an annualised quarter-to-quarter basis declined to minus 4.8 per cent, down from 5.1 per cent in the third quarter.
The MTI said the slowdown reflected largely a sharp decline in biomedical manufacturing rather than the impact of the slowing US economy.
The fastest growing sectors were construction, up 24.3 per cent and financial services which grew 15.9 per cent.
Manufacturing expanded just 0.2 per cent in the fourth quarter from a year earlier.