Spore GDP to expand 3%-5% in 2010: MTI
Singapore’s gross domestic product is expected to expand by three to five per cent next year.
Releasing the forecast, the Trade and Industry Ministry, or MTI, said
global economic developments suggest that the recession has ended in
most countries.
GDP growth in key economies around the world has turned positive.
However, MTI says the recovery in the advanced economies remains
fragile, and the return towards pre-crisis levels of output is likely
to be gradual.
It says a sluggish recovery in final demand in the advanced economies will moderate Singapore’s growth prospects in 2010.
For this year, MTI is maintaining its forecast for a contraction of between 2.5 and 2 per cent in GDP.
Estimates show that the Singapore economy grew by 0.6 per cent in the
third quarter, following a contraction of 3.3 per cent in the second
quarter.
The expansion was led by the manufacturing sector.
MTI says increased production of higher-value pharmaceutical
ingredients resulted in a continued surge in biomedical manufacturing
output.
The electronics cluster grew modestly.
The services-producing sectors also saw broad-based improvement, while the construction sector slowed down.
--938Live