SINGAPORE ECONOMY TO EXPAND 15% THIS YEAR
Nov 18, 2010
The Singapore economy is likely to see a growth of 15 percent this year and 4 percent to 6 percent next year, said the Ministry of Trade and Industry.
Based on preliminary estimates, the Singapore economy expanded 10.6 percent in Q3 from the previous year, compared to a record growth of 19.5 percent in Q2.
Growth momentum, which is measured on a seasonally adjusted annualised quarter-on-quarter basis, dropped by 18.7 percent, compared to 27.3 percent growth in the previous quarter.
The manufacturing sector saw a 14.3 percent growth in Q3, from the previous year, a slowdown from the 46.1 percent expansion in Q2. The sector shrank by an annualised rate of 53.6 percent, reflecting a large decline in output in the biomedical manufacturing cluster because of scheduled plant maintenance shutdowns and a switch in the value-mix of products.
The construction sector, on the other hand, recorded 7.1 percent year-on-year growth in Q3, compared to 11.5 percent in Q2. The sector shrank by an annualised rate of 10.4 percent, which was attributed to the completion of major commercial and industrial building projects.