Media
Media
SINGAPORE's economy expanded by 15.5 per cent in the first quarter of 2010 compared to the same period a year earlier. As a result, the Ministry of Trade and Industry (MTI) will maintain its GDP growth forecast for the year at seven and nine cent.
The strong momentum seen in the first quarter was broad-based, led by the manufacturing sector which expanded by 32.9 per cent year on year. Except for transport engineering, all other manufacturing clusters showed robust growth.
The electronics cluster enjoyed the strongest growth, underpinned by strong global demand for semiconductor chips. The construction sector also grew by 13.7 per cent year on year, reflecting continued growth in public sector construction activities.
The services producing industries grew by 10.9 per cent in the first quarter of 2010. This was due to expansion in all service sectors. In particular, financial services grew 18.1 per cent, while wholesale and retail trade grew 17.7 per cent.
Singapore's total trade expanded by 27 per cent in the first quarter, after the previous quarter's increase of 1.2 per cent.
Projected total trade growth in 2010 has been revised to between 14 and 16 per cent, up from the previous forecast of between nine and 11 per cent.
Total trade value hit S$210 billion (US$149.4 billion) in the first three months of the year. Total exports expanded 28 per cent while imports increased 26 per cent year on year.
Growth was attributed to increases in trade. Oil trade grew 58 per cent year on year in the first quarter, while non-oil trade increased 19 per cent.
"For the remainder of 2010, external conditions are expected to continue to improve with economies recovering at different speeds," a government statement said.
"The main risks for the trade outlook for 2010 include a worsening in the EU's sovereign debt crisis which may slow down EU economic recovery, withdrawal of fiscal stimulus and high commodity prices which may impede global economic growth," it added.
(Source: www.schednet.com)
qq.com