Singapore Economy

S’pore economy grows 1.2% in 2012

Singapore's economy grew 1.2 percent this year, hurt by weak US, European and Japanese economies, said Prime Minister Lee Hsien Loong in his New Year message on Monday. "Next year we expect to grow by 1-3 percent. In our new phase, we must expect slower growth than we have become accustomed to," he added. Mr Lee said Singapore has made steady progress in 2012 by improving Singaporeans' lives and...

Singapore no longer low-cost business location

With business costs have generally increasing, Singapore is no longer a low-cost business location as the government recognised. Trade and Industry Minister Lim Hng Kiang said this in a written reply to MP for Ang Mo Kio GRC, Inderjit Singh. Mr Singh asked if Mr Lim could provide data on the changes in labour and rental costs, and whether the increasing costs would make it difficult for Small and...

Singapore economy grew 14.7% in 2010

Singapore's economy grew a dramatic 14.7 per cent for the whole of 2010, the best growth on record ever for the country. Economists say the last time Singapore saw anything close to this was from 1968 to 1970 when growth was around 14 per cent. Fourth quarter figures came in at 12.5 per cent year-on-year. In his New Year's Message, Prime Minister Lee Hsien Loong described the growth as "a dramatic...

Analysts confident S’pore will achieve 4-5% GDP growth in 2011

Analysts are confident Singapore will achieve about five per cent Gross Domestic Product (GDP) growth for the whole of next year. Economists said that is a very strong number, coming after a 15 per cent expansion estimated for 2010. But they warn of possible risks such as inflation, which might be a drag on the city-state's economy. Economists have said that 2010's growth was uncharacteristic and...

Singapore’s Q3 GDP grows by 10.6% on-year

Singapore's GDP expanded by 10.6 per cent on a year-on-year basis in the third quarter of 2010. On a quarter-on-quarter basis, the economy contracted by 18.7 per cent, a reversal from the growth of 27.3 per cent in the previous quarter. The advance estimates released by the Ministry of Trade and Industry (MTI) on Thursday said it expected the Singapore economy to grow by around 15 per cent for the whole...

Economy on track to grow up to 15% this year, says MAS

The Monetary Authority of Singapore (MAS) said the republic's economy is on track to grow 13 per cent to 15 per cent this year, meeting the government's forecast. In the near term, however, economic activity will continue to ease, leading to a slower, more sustainable rate of expansion in line with the city's growth potential in 2011. This was revealed on Wednesday by the central bank in its twice-a-year...

Singapore keeps 3rd spot in competitiveness ranking

Singapore is the third most competitive economy in the world, according to the World Economic Forum's competitiveness ranking published on Thursday. The city-state was also placed third in 2009. But within Asia, Singapore is still the most competitive economy. Japan is in 6th place while Hong Kong 11th. Singapore won points for its lack of corruption and for the efficiency of its government. Meanwhile...

Singapore’s Q2 economy expands by 18.8% year-on-year

Final data out Tuesday showed that the economy expanded by 18.8 per cent on-year, lower than the 19.3 per cent increase initially estimated. Compared to the previous quarter, gross domestic product or GDP in the April to June period stood at 24 per cent. That's also just a tad below the 26 per cent on-quarter growth initially forecast. For the first half of this year, the Ministry of Trade and Industry...

Singapore expected to become world’s fastest-growing economy

Singapore on Wednesday looked set to become the world's fastest-growing economy after the government upgraded its 2010 forecast to a blistering 13 to 15 percent expansion, economists said. The new forecast, up sharply from predicted 7.0-9.0 growth, outstrips estimates of around 10 percent growth in regional powerhouse China and came despite lingering worries over the US economy and Europe's debt...

Singapore expects double-digit 2010 economic growth

The Singapore government on Wednesday upgraded its 2010 economic growth forecast to a blistering 13 to 15 per cent, outstripping estimates of around 10 per cent growth in regional powerhouse China. Robust demand for its manufactured exports, particularly biomedical products, resulted in the sharp upgrade from the earlier estimate of 7.0 to 9.0 per cent growth in gross domestic product (GDP). GDP growth...

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