Singapore's GDP growth forecast for 2013 at 1-3 per cent

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The Ministry of Trade and Industry (MTI) has maintained Singapore's GDP growth forecast for 2013 at 1-3 per cent.

It said Singapore's economy grew by 0.2 per cent on a year-on-year basis in the first quarter of 2013, compared to 1.5 per cent in the preceding quarter.

On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by
1.8 per cent, slower than the 3.3 per cent growth in the previous quarter.

The pull-back in quarter-on-quarter growth was mainly due to the decline in sectors such as manufacturing and wholesale trade.