ASEAN KEY DESTINATIONS
Singapore growth of 4-6 percent for 2011
The Singapore economy grew by 14.5 percent in 2010, reversing the decline of 0.8 percent the year before.
Growth for 2011 says the Trade and Industry Ministry will remain at 4 to 6 percent.
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 the ministry said the economy expanded by 14.5 percent 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 percent in 2010 following a 4.2 percent contraction in 2009.
Growth in the construction sector continued in 2010 at a more modest pace of 6.1 percent compared to 17.1 percent 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 to 6 percent in 2011 although the inflation forecast has been revised to 3 to 4 percent from 2 to 3 percent.
Inflation is also expected to rise further to 5.0 to 6.0 percent in the first few months of this year before moderating in the second half of the year.
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