14 April 2011 03:21 [Source: ICIS news]
SINGAPORE (ICIS)--Singapore’s economy expanded by 8.5% year on year in the first quarter of this year, led by growth in the manufacturing sector, the Ministry of Trade and Industry (MTI) said on Thursday.
On a seasonally adjusted quarter-on-quarter annualised basis, the city-state’s economy grew by 23.5% in the first three months of 2011, according to the advance estimates by MTI.
Growth was led by the manufacturing sector which expanded 13.9% year on year, the ministry said.
The strong expansion in manufacturing was driven by the electronics and precision engineering clusters, which benefited from a pick-up in business investment in the region, it said.
Meanwhile, the construction sector grew by 2.6% year on year in the first quarter, reversing the contraction of 2.0% in the previous quarter, the MTI data showed.
Singapore’s economy grew 12% year on year in the fourth quarter of 2010.
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