SINGAPORE (Feb 17): Singapore’s government has a message for anyone expecting great things following Friday’s surprise growth bounce: don’t hold your breath.

The city-state’s economy will still only expand between 1% and 3% this year, policy makers said after fourth-quarter growth burst in at an annualized 12.3% - the fastest pace in more than five years. They had estimated a 9.1% reading, largely thanks to a surge in manufacturing fueled by semi-conductor exports tied to China’s supply chain.

“We expect the rebound in electronics and in particular semiconductors to carry on into 2017,” Loh Khum Yean, permanent secretary at the Ministry of Trade and Industry, told reporters. On the other hand, “the picture for the rest of manufacturing and also across the services sector is a bit mixed.”

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