Sizzling Singapore’s Growth Revised to 16%

Singapore revised up its first quarter economic growth to..." /> Sizzling Singapore’s Growth Revised to 16%

Singapore revised up its first quarter economic growth to...">
Sizzling Singapore’s Growth Revised to 16%

Singapore revised up its first quarter economic growth to a blistering 16 percent as manufacturing, finance and tourism roared back from last year’s recession.

Gross domestic product grew 15.5 percent in the first quarter from a year earlier, up from an initial estimate last month of 13.1 percent growth, the Trade and Industry Ministry said on Thursday.

The city-state has benefited from a pickup in consumption in the rest of Asia and the United States, fueling demand for the island’s exports.

“Growth in key Asian economies, including China, will also likely remain buoyant,” the ministry said. “The United States economic recovery is becoming more broad-based.”

The government in April boosted its 2010 GDP forecast to a range of 7 percent to 9 percent, from 4.5 percent to 6.5 percent, as Singapore emerged from a recession in 2009. Citigroup has raised its Singapore GDP forecast for this year to 9.5 percent from 9 percent.

But the government warned Europe’s debt crisis could undermine investor confidence and economic growth during the rest of the year.

“Developments in recent weeks suggest that downside risks have also intensified,” the ministry said. “There is heightened market anxiety over the possibility of a sovereign debt default in Europe and there continue to be concerns over excessive asset price inflation in emerging Asia.”

The economy grew at an annualized, seasonally adjusted 38.6 percent in the first quarter, the biggest leap since quarterly results began in 1975. The ministry said last month the economy expanded 32 percent in the first quarter.

Industrial production leapt 33 percent from a year earlier and 158 percent from the previous quarter, led by biomedical and electronics manufacturing.

Non-oil exports rose 23 percent and visitor arrivals increased 20 percent, while the unemployment rate was 2.2 percent. 

AP
<span style="font-size: 14pt"><span style="font-weight: bold">Sizzling Singapore&rsquo;s Growth Revised to 16%</span></span><br /> <br /> Singapore revised up its first quarter economic growth to a blistering 16 percent as manufacturing, finance and tourism roared back from last year&rsquo;s recession.<br /> <br /> Gross domestic product grew 15.5 percent in the first quarter from a year earlier, up from an initial estimate last month of 13.1 percent growth, the Trade and Industry Ministry said on Thursday.<br /> <br /> The city-state has benefited from a pickup in consumption in the rest of Asia and the United States, fueling demand for the island&rsquo;s exports.<br /> <br /> &ldquo;Growth in key Asian economies, including China, will also likely remain buoyant,&rdquo; the ministry said. &ldquo;The United States economic recovery is becoming more broad-based.&rdquo;<br /> <br /> The government in April boosted its 2010 GDP forecast to a range of 7 percent to 9 percent, from 4.5 percent to 6.5 percent, as Singapore emerged from a recession in 2009. Citigroup has raised its Singapore GDP forecast for this year to 9.5 percent from 9 percent.<br /> <br /> But the government warned Europe&rsquo;s debt crisis could undermine investor confidence and economic growth during the rest of the year.<br /> <br /> &ldquo;Developments in recent weeks suggest that downside risks have also intensified,&rdquo; the ministry said. &ldquo;There is heightened market anxiety over the possibility of a sovereign debt default in Europe and there continue to be concerns over excessive asset price inflation in emerging Asia.&rdquo;<br /> <br /> The economy grew at an annualized, seasonally adjusted 38.6 percent in the first quarter, the biggest leap since quarterly results began in 1975. The ministry said last month the economy expanded 32 percent in the first quarter.<br /> <br /> Industrial production leapt 33 percent from a year earlier and 158 percent from the previous quarter, led by biomedical and electronics manufacturing.<br /> <br /> Non-oil exports rose 23 percent and visitor arrivals increased 20 percent, while the unemployment rate was 2.2 percent.&amp;#8194;<br /> <br /> AP
KuKuKaChu: dangerously too sophisticated
here's hoping for trickle-over effects to batam ...
here's hoping for trickle-over effects to batam ...
KuKuKaChu: dangerously too sophisticated
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