Growth of 4-6% for 2011 with economic declines reversed
2011-02-17 16:28:30
The Singapore economy grew by 14.5 per cent in 2010, reversing the decline of 0.8 per cent seen the year before.
Growth for 2011 says the Trade and Industry Ministry will remain at 4.0 to 6.0 per cent.
Real gross domestic product (GDP) expanded by 12.0 per cent on a year-on-year basis in the fourth quarter of 2010, with a 10.5 per cent improvement in the previous quarter.
On a seasonally-adjusted quarter-on-quarter annualised basis, the economy grew by 3.9 per cent, an upturn from the contraction of 16.7 per cent in the preceding quarter.
A statement from MTI said the economy expanded by 14.5 per cent in 2010, driven largely by the manufacturing sector.
Due to a surge in electronics and biomedical manufacturing output, the manufacturing sector rebounded by 29.7 per cent in 2010 following a 4.2 per cent contraction in 2009.
Growth in the construction sector continued in 2010, albeit at a more modest pace of 6.1 per cent compared to 17.1 per cent in 2009.
The growth outlook for Singapore remains positive in 2011 with the continuing recovery of the global economy and the steady pace of growth in the advanced economies which is expected to lend support to Singapore’s manufacturing activities.
The Ministry said it expects the Singapore economy to grow by 4.0 to 6.0 per cent in 2011 although the inflation forecast has been revised to 3.0 to 4.0 per cent from 2.0 to 3.0 per cent.
Inflation is also expected to rise further to 5.0 to 6.0 per cent in the first few months of this year before moderating in the second half of the year.