THE Singapore economy is estimated to have expanded by 14.7 per cent in 2010, in line with the Ministry of Trade and Industry's (MTI) growth forecast of about 15 per cent for the year.
Singapore's expansion for 2010 would it the fastest-growing economy in the world after Qatar's, according to International Monetary Fund estimates.
Advance estimates show the economy grew by 12.5 per cent in the fourth quarter of 2010, improving from the 10.5 per cent growth in the third quarter.
Economic growth in the fourth quarter was primarily underpinned by a strong expansion in the manufacturing sector which grew by 28.2 per cent compared to 2009. Manufacturing's growth was largely led by the biomedical cluster, which saw a strong rebound in pharmaceutical output.
In contrast, the construction sector shrank 1.2 per cent in the fourth quarter, reversing from the growth of 7.1 per cent in the third quarter. Overall, construction fell by 18.5 per cent, mainly due to a decline in private sector activities.
MTI will release in February the preliminary GDP estimates for the fourth quarter and for the whole of 2010, including performance by sectors, sources of growth, inflation, employment and productivity.
-- ST