Singapore: Singapore posts record growth in 2010
February 17, 2011
According to revised figures released by the Ministry of Trade and Industry (MTI) on 17 February, GDP expanded 12.0% in the fourth quarter over the same period the year before. The figure, which was below the 12.5% expansion first reported on 3 January, represents an acceleration over Q3's growth of 10.5%. The acceleration was led by manufacturing, which improved from year-on-year growth of 13.7% in Q3 to a 25.5% expansion in Q4 (previously reported: +28.2% yoy). The services sector decelerated slightly in the fourth quarter, rising 8.8% over the same period last year (Q3: +10.2% yoy). The construction industry was the only sector to contract, declining 2.0% over Q4 2009 (Q3: +6.7% yoy). In the full year 2010, growth was revised to 14.5% (previously reported: +14.7%), which is the highest growth rate in the region and represents the fastest pace in more than two decades. Despite the downward adjustment, the government maintained its official forecast for GDP to grow between 4.0% and 6.0% in 2011.