Singapore economic growth slows to 4.8 per cent in 2011, PM says

SINGAPORE - Prime Minister Lee Hsien Loong says Singapore's economic growth slowed in 2011 as global demand waned for the city-state's exports.

Lee said in a statement Saturday that gross domestic product expanded 4.8 per cent, down from 15 per cent in 2010. The government initially expected growth of between 4 per cent and 6 per cent in 2011.

Lee reiterated the government's growth forecast for 2012 of between 1 per cent and 3 per cent.

Lee said next year will likely be difficult for the global economy and "Singapore will inevitably be affected."

The government plans to announce preliminary fourth quarter GDP results on Tuesday.