Singapore: Record growth in 2010
January 3, 2011
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.