Singapore raises growth forecast
By Alex Kennedy |
May 21, 2010, Friday
|
Print Edition
Print Edition
SINGAPORE revised up its first-quarter economic growth to a blistering 15.5 percent as manufacturing, finance and tourism roared back from last year's recession.
Gross domestic product grew 15.5 percent in the first quarter from a year earlier, up from an initial estimate last month of 13.1 percent growth, the Trade and Industry Ministry said yesterday.
The city-state has benefited from a pick up in consumption in the rest of Asia and the United States, fueling demand for the island's exports.
"Growth in key Asian economies, including China, will also likely remain buoyant," the ministry said. "The US economic recovery is becoming more broad-based."
The government in April boosted its 2010 GDP forecast to a range of 7 to 9 percent from 4.5 to 6.5 percent as Singapore emerged from a recession in 2009. Citigroup raised its Singapore GDP forecast for this year to 9.5 from 9.0 percent yesterday.
But the government warned that Europe's debt crisis could undermine investor confidence and economic growth during the rest of the year.
"Developments in recent weeks suggest that downside risks have also intensified," the ministry said.
Gross domestic product grew 15.5 percent in the first quarter from a year earlier, up from an initial estimate last month of 13.1 percent growth, the Trade and Industry Ministry said yesterday.
The city-state has benefited from a pick up in consumption in the rest of Asia and the United States, fueling demand for the island's exports.
"Growth in key Asian economies, including China, will also likely remain buoyant," the ministry said. "The US economic recovery is becoming more broad-based."
The government in April boosted its 2010 GDP forecast to a range of 7 to 9 percent from 4.5 to 6.5 percent as Singapore emerged from a recession in 2009. Citigroup raised its Singapore GDP forecast for this year to 9.5 from 9.0 percent yesterday.
But the government warned that Europe's debt crisis could undermine investor confidence and economic growth during the rest of the year.
"Developments in recent weeks suggest that downside risks have also intensified," the ministry said.
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