Chart of the Day: Singapore's 2013 GDP growth pegged at 3.2%

But it's still an underperformance.

According to DBS, final 4Q12 GDP figures came in better than expected at 3.3% QoQ saar (DBSf: 2.5%, Consensus: 2.0%).

This translates into a year-on-year growth of 1.5%, and bringing full year GDP growth to 1.3%, in line with forecast. This is a significant upward revision from the advance estimate of 1.8% QoQ saar (1.1% YoY).

More importantly, it marks the turnaround in the growth trajectory from the bottom registered in 3Q12, whereby the economy shrunk 4.6% on an annualized basis.

Here's more from DBS:

The main drag came from the manufacturing sector, which contracted by 1.1% YoY. But on a sequential basis, the sector grew 3.1%, mirroring the recent improvement in exports and industrial performance seen across Asia.

A more stable growth outlook juxtaposed with the recovery in China investment have provided the backdrop to this turnaround.

On a cyclical basis, we continue to expect a gradual improvement in the higher frequency data in the coming months, led by a possible recovery in Asia demand.

As it is, export performance and industrial production have bottomed. And most recent December data are pointing to some improvement ahead.

Though key electronics sector probably will remain sluggish in the months to come, ex-electronics manufacturing, particularly the pharmaceutical and the transport engineering segments are leading the way.

A recovery in the manufacturing sector should become evident by 2Q13.

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