Friday, April 13, 2012

Singapore economy grows faster than expected

SINGAPORE: Singapore's economic growth accelerated faster than expected in the first quarter of 2012.

Advance estimates from the Ministry of Trade and Industry (MTI) showed the economy grew by 9.9 per cent in the three months to March 2012, reversing the previous quarter's 2.5 per cent contraction.

Economists had forecast first-quarter growth of around 6.3 per cent.

Growth in the manufacturing sector of 14.7 per cent was largely responsible for the improved first quarter performance, which compares with the previous quarter's 11.1 per cent contraction.

MTI said the turnaround was supported by higher output levels in the electronics and precision engineering sectors.

On a year-on-year basis, the Singapore economy grew by 1.6 per cent in the first quarter, also beating economists' forecasts of around 0.7 per cent.

- CNA/wk

View the original article here

Source From Channel News Asia

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