In the fourth quarter, GDP expanded 12.5% over the same quarter the previous year, according to advance estimates released by the Ministry of Trade and Industry (MTI) on 3 January. This represented an acceleration from the 10.5% expansion tallied in the third quarter. As a result, full-year growth is estimated to have reached a record high of 14.7% in 2010, which makes Singapore the fastest growing economy in the region. The fourth quarter reading reflected an improvement in manufacturing activity, which expanded 28.2% (Q3: +13.8% year-on-year), buttressed by a sharp rebound in biomedical output. On the other hand, the services sector decelerated somewhat, expanding 8.8% (Q2: +10.0% yoy), while construction contracted 1.2% in Q4, contrasting the 7.1% expansion registered in the third quarter. As the advance estimate for full-year growth was widely in line with the government's official projection of 15.0%, the MTI maintained its forecast for GDP to expand between 4.0% and 6.0% in 2011. Final numbers for 2010 GDP growth will be released on 25 February.
Record growth in 2010
January 3, 2011
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Singapore Economic News
October 24, 2016
In September, consumer prices stayed flat compared to the previous month, following the 0.5% increase recorded in August.
October 17, 2016
In September, non-oil domestic exports (NODX) dropped 4.8% from the same month last year, deteriorating from August’s flat result.
October 14, 2016
According to advanced estimates released by the Ministry of Trade and Industry on 14 October, GDP declined a sharp 4.1% in Q3 from the previous quarter at a seasonally adjusted annualized rate (SAAR), down from Q2’s revised 0.2% rise (previously reported: +0.3% quarter-on-quarter).
October 14, 2016
At its second scheduled semi-annual meeting of 2016, which took place on 14 October, the Monetary Authority of Singapore (MAS) decided to leave the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band unchanged at zero percent.
October 3, 2016
The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) picked up from 49.8 in August to a 15-month high of 50.1 in September.