Economy of Singapore grew by 1.2% in 2012 instead of the projected 1.5%, Prime Minister of Singapore Lee Hsien Loong said Tuesday. The figure means that the economy of Singapore contracted by 2%, quarter-on-quarter, in the fourth quarter of 2012. However Loong expects the economy to grow between 1-3% in 2013. Singapore has been badly hit by the weakness in Western economies, Loong said stressing that the week US, European and Japanese economies dampened Singapore's economic outlook.