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Singapore revises upward economic growth forecast

07-14-2010 11:25 BJT

SINGAPORE, July 14 (Xinhua) -- Singapore's Ministry of Trade and Industry (MTI) announced Wednesday that it expects the Singapore economy to expand by 13.0 to 15.0 percent in 2010, an upward revision from the earlier forecast of 7.0 to 9.0 percent.

The ministry said the revision is due to better results in the first quarter and stronger than expected growth in the second quarter.

The latest data showed that the Singapore economy grew at a stronger pace in the first quarter of 2010. The economy expanded by 16.9 percent on a year-on-year basis, higher than the growth of 15.5 percent estimated in May.

The revision is primarily due to an upward adjustment to the growth estimate for the manufacturing sector.

Advance estimates for the second quarter of 2010 indicate that the economy has continued to expand strongly. Compared with the same period last year, real GDP is expected to grow by 19.3 percent. The manufacturing sector is estimated to have grown by 45. 5 percent year-on-year. Growth was driven by a surge in the output of the biomedical manufacturing cluster, as well as a strong expansion in the electronics cluster underpinned by healthy worldwide demand for electronics products.

For the first half of 2010, the Singapore economy is estimated to have expanded by 18.1 percent year-on-year.

Editor:Xiong Qu |Source: Xinhua

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