Singapore Expects to see Economy Expand 9% in 2010

Manufacturing led the way with a 30% year-on-year expansion in the first quarter as external demand for information technology-related products improved.

Sharply raising its forecast as the city-state staged a dramatic turnaround from the recession, Singapore said on April 14 it expects the economy to expand up to 9% this year.

The Ministry of Trade and Industry said gross domestic product (GDP) is seen expanding 7%-9% which is higher than its previous forecast of 4.5%-6.5%.

Singapore's economy, the first in Asia to slip into recession, contracted 2% last year as the crisis hammered demand for its exports.

Preliminary estimates computed mainly from January and February data showed first quarter GDP expanded 13.1% from a year ago and 32.1% on a quarter-on-quarter seasonally adjusted basis.

The first quarter surge marked a strong turnaround from the same period last year when GDP shrank 9.4% annually and 7.1% from the previous three months.

Manufacturing led the way with a 30% year-on-year expansion in the first quarter as external demand for information technology-related products improved.

Construction grew 11.3% annually and services-producing industries surged 8.4%, the trade ministry said.

Copyright Agence France-Presse, 2010

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