Singapore economy picks up sharply in Q2
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SINGAPORE - Singapore's economy picked up sharply in the second quarter, beating forecasts with a blistering 8.2 percent gain after an already strong 6.4 percent expansion in the three months to March, official figures showed Tuesday.
Gross domestic product (GDP) growth grew 6.6 percent year-on-year in the fourth quarter of last year.
Economists had estimated 6.2-7.7 percent growth for the second quarter.
On a quarter-on-quarter, seasonally adjusted annualised basis, GDP, the value of all goods and services produced in the country, grew 12.8 percent following an 8.5 percent growth in the first quarter, the Ministry of Trade and Industry (MTI) said.
"The Singapore economy registered strong growth in the second quarter of 2007," it said.
Growth in the manufacturing sector jumped sharply to 10.2 percent, led by biomedicals and transport engineering, which includes oil rigs and ships, from 4.4 percent in the first quarter.
The ministry said construction grew 17.9 percent, up from 11.6 percent in the first three months of the year, with services slowing slightly to 7.0 percent from 7.2 percent.
"The healthy performance was led by financial services," it said.
The figures are advance estimates for real GDP -- growth adjusted for inflation -- and computed largely from April and May data. More detailed figures will be released in August.
In May, the MTI upgraded its full-year 2007 GDP growth forecast to 5.0-7.0 percent from 4.5-6.5 percent.
Singapore's economy grew 7.9 percent last year, one of the fastest rates in Asia. - AFP/ir
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Economy picked up sharply in second quarter. What a good news!! Let's see base on this, what else is going up. -
what is the use, pay remain stagnant, GST up, high cost of living, rental up, HDB price up, medical fee up, petrol up, uni fee up, electric up, only road tax down
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There are anough "paintings" to open a 'F-Art Gallery' .... -
ya economy picks up, lim beh pay never go up, but the bills di di kee.
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walau, nothing but good news.
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Construction business contributed alot also
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Love what you said above. ha ha ha!!Originally posted by ShutterBug:There are anough "paintings" to open a 'F-Art Gallery' ....
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pick up, pick up!! Just question the accuracy of such!!!!Originally posted by SpeedStar:ya economy picks up, lim beh pay never go up, but the bills di di kee. -
Just look at the formula LHL employs:
Econmy is bad - must take the Bitter Pill now rather than wait till later...
Economy is Good - might as well raise now than later when economy is bad...
Either way, we lose you know..?
It's either the INCREASES of general costs, or, The Bitter Pill in both Good or Bad Times....
people aren't given the chance to recover...for God's sake!!!
And there they go giving their righteous-selves a raise in salary while we all have to swallow bitter pills and struggle with increases.....
What do you think he is doing? Oh, he is Reducing Costs of Living - as promised after the Elections....
So far he has REDUCED nothing... but:
>> Increased CPF Withdrawal age to 65...bleah bleah bleah.
>> Increased his own salary with bleah bleah bleah
>> Increased GST by 2% because of bleah bleah bleah
>> Increased hhealthcare costs (hospital charges) because bleah bleah bleah
>> Increased minimum sum in Retirement Funds due to bleah bleah bleah
>> Increased public transport due to bleah bleah bleah....
.. did I missed anything else he increased?
The only theing he has been really reducing is people's faith in him as a leader.... oh.. he has greatly REDUCED his next Election's percentage of Votes - that's for sure....!!!
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Originally posted by ShutterBug:
Something to add on - utility bill is increased. REmember last year, when the petrol price dropped, PUB still charge high for the bill. So any time, there is always increases.
[b]
Just look at the formula LHL employs:
Econmy is bad - must take the Bitter Pill now rather than wait till later...
Economy is Good - might as well raise now than later when economy is bad...
Either way, we lose you know..?
It's either the INCREASES of general costs, or, The Bitter Pill in both Good or Bad Times....
people aren't given the chance to recover...for God's sake!!!
And there they go giving their righteous-selves a raise in salary while we all have to swallow bitter pills and struggle with increases.....
What do you think he is doing? Oh, he is Reducing Costs of Living - as promised after the Elections....
So far he has REDUCED nothing... but:
>> Increased CPF Withdrawal age to 65...bleah bleah bleah.
>> Increased his own salary with bleah bleah bleah
>> Increased GST by 2% because of bleah bleah bleah
>> Increased hhealthcare costs (hospital charges) because bleah bleah bleah
>> Increased minimum sum in Retirement Funds due to bleah bleah bleah
>> Increased public transport due to bleah bleah bleah....
.. did I missed anything else he increased?
The only theing he has been really reducing is people's faith in him as a leader.... oh.. he has greatly REDUCED his next Election's percentage of Votes - that's for sure....!!!
/b]
Since he took over, most of the time is about money. Just wonder is he made to take over to suck our money. Money talk, money talk he loves! He is in this position to serve us, and we have every right to observe and talk about his performance. His performance is below expectation and yet he has the cheek to give himself such undeserved pay rise. -
economy good but i still
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It's like this; when they say the Economy is "Good", that means they are making money...Originally posted by de_middle:economy good but i still
not us...! -
yes, they are making $$$ and most of the time when they told us economy picks up they will go on to say employment market improves, which is only half the truth ! Come on look around and ask around there are still so many who are still looking for jobs. It makes them look good to paint a beautiful picture, too bad they are not great artists!Originally posted by ShutterBug:It's like this; when they say the Economy is "Good", that means they are making money...
not us...! -
they make the late leondardo da vinci feel small.Originally posted by zix1:yes, they are making $$$ and most of the time when they told us economy picks up they will go on to say employment market improves, which is only half the truth ! Come on look around and ask around there are still so many who are still looking for jobs. It makes them look good to paint a beautiful picture, too bad they are not great artists! -
this is a world famous painting, they wanna "participate" in it, I guess!!Originally posted by dragg:they make the late leondardo da vinci feel small. -
One masterpiece painting to add to the F-Art Gallery....
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Singapore's economy expands 12.8% in 2nd quarter
Tue, Jul 10, 2007
AsiaOne
The Singapore economy registered strong growth in second quarter of 2007 and expanded at an annualised rate of 12.8 per cent, beating market forecasts, government data showed on Tuesday.
Advance estimates released by the Ministry of Trade and Industry this morning show that real gross domestic product (GDP) rose by 8.2 per cent on a year-on-year basis in the second quarter, up from 6.4 per cent in the previous quarter.
On a quarter-on-quarter seasonally adjusted annualised basis, real GDP grew by 12.8 per cent following 8.5 per cent in the first quarter.
The seasonally adjusted rise from the previous quarter compared with 7.6 percent growth forecast by economists in a Reuters poll and followed a revised 8.5 percent expansion in the first quarter of 2007. Economists had expected second quarter GDP to grow 6.6 percent from a year earlier.
Underpinned by strong growth in the biomedical manufacturing and transport engineering clusters, the manufacturing sector is estimated to have grown by 10.2 per cent the second quarter, up from 4.4 per cent in the previous quarter.
Fuelled by the property boom, the construction sector is estimated to have expanded by 17.9 per cent in the second quarter, up further from 11.6 per cent in the previous quarter. Residential property prices rose 7.9 percent in the second quarter, faster than the 4.8 percent rise recorded in the previous quarters, latest URA figures showed.
The services producing industries is estimated to have grown by 7.0 per cent in the second quarter compared with 7.2 per cent in the preceding quarter. The healthy performance was led by financial services.
The advance GDP estimates, based largely on data from April and May, gives an early indication of the economy's performance in the April to June period.
Singapore is the first in the region to report second-quarter figures.
The preliminary GDP estimates for the second quarter of 2007, including sectoral performances, sources of growth, inflation, employment and productivity, will be released in August 2007 in the Economic Survey of Singapore.
Singapore's economy is expected to show more moderate growth this year, in line with a slower global economy, but analysts expect the island will draw support from new areas such as financial services, tourism and a fast-recovering construction sector.
Faster-than-expected growth in the first three months of the year prompted Singapore's government in May to lift its 2007 growth forecast by half a percentage point to 5.0-7.0 percent.
In 2006, the economy grew 7.9 percent. -
Excuses, excuses to suck the people's money... and dhom into their own pockets...
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Good news?Originally posted by zix1:Related News
• S'pore small businesses most bullish on prospects in SE Asia: survey
• S'pore home to world's fastest-growing population of millionaires
• Asian economic growth driving greater energy consumption: BP
• GDP growth expected to hit 6.1% in Q2
• Fast-growing Asian economies fall into credit card trap: BIS
• New 'buzz' in S'pore but economic growth is still biggest draw: SM
• Singapore's GDP forecast revised upwards
SINGAPORE - Singapore's economy picked up sharply in the second quarter, beating forecasts with a blistering 8.2 percent gain after an already strong 6.4 percent expansion in the three months to March, official figures showed Tuesday.
Gross domestic product (GDP) growth grew 6.6 percent year-on-year in the fourth quarter of last year.
Economists had estimated 6.2-7.7 percent growth for the second quarter.
On a quarter-on-quarter, seasonally adjusted annualised basis, GDP, the value of all goods and services produced in the country, grew 12.8 percent following an 8.5 percent growth in the first quarter, the Ministry of Trade and Industry (MTI) said.
"The Singapore economy registered strong growth in the second quarter of 2007," it said.
Growth in the manufacturing sector jumped sharply to 10.2 percent, led by biomedicals and transport engineering, which includes oil rigs and ships, from 4.4 percent in the first quarter.
The ministry said construction grew 17.9 percent, up from 11.6 percent in the first three months of the year, with services slowing slightly to 7.0 percent from 7.2 percent.
"The healthy performance was led by financial services," it said.
The figures are advance estimates for real GDP -- growth adjusted for inflation -- and computed largely from April and May data. More detailed figures will be released in August.
In May, the MTI upgraded its full-year 2007 GDP growth forecast to 5.0-7.0 percent from 4.5-6.5 percent.
Singapore's economy grew 7.9 percent last year, one of the fastest rates in Asia. - AFP/ir
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Economy picked up sharply in second quarter. What a good news!! Let's see base on this, what else is going up.
I am somewhat skeptical about the release of such information by our government controlled media. There are lots of questions that Singaporeans have to ask themselves.
1) How have all these increases help in the lives of Singaporeans? Are you working less hours now? Are you taking more pay home? They claimed that our economy has been increasing every year at 6-8% per quarter (even during recessions, we have GDP increases of 3-4%). Have you been receiving increases in salary of 5% per quarter, or 20% increases per year?
2) GDP increases or per capita GDP increases? There is a difference between increasing the population, which increases the production output and keeping the population status quo and increasing the production ouput. -
Originally posted by maurizio13:
Most of the time I have doubts in such info and data.
Good news?
I am somewhat skeptical about the release of such information by our government controlled media. There are lots of questions that Singaporeans have to ask themselves.
1) How have all these increases help in the lives of Singaporeans? Are you working less hours now? Are you taking more pay home? They claimed that our economy has been increasing every year at 6-8% per quarter (even during recessions, we have GDP increases of 3-4%). Have you been receiving increases in salary of 5% per quarter, or 20% increases per year?
2) GDP increases or [b]per capita GDP increases? There is a difference between increasing the population, which increases the production output and keeping the population status quo and increasing the production ouput.[/b]