Singapore downgrades 2020 growth forecast due to coronavirus outbreak

SINGAPORE, Feb 17 (Reuters) - Singapore downgraded its 2020 economic growth forecast as it braces for a hit from the novel coronavirus outbreak, the trade ministry said in a statement on Monday.

The city state lowered its forecast range to -0.5%-1.5% from 0.5%-2.5% previously, adding that it expected full-year growth to come in around 0.5%, the mid-point of the range.

Gross domestic product (GDP) rose 1% year-on-year in the fourth quarter, the ministry of trade and industry said, faster than the 0.8% growth seen in the government's advance estimate.

Singapore's economy grew 0.6% in October-December from the previous three months on an annualised and seasonally adjusted basis, compared with the government's initial estimate of a 0.1% expansion. (Reporting by John Geddie and Aradhana Aravindan; Editing by Kim Coghill)

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