Singapore economy grows by 6.1% in Q3, expects 5% growth for 2011

21 November 2011 03:00  [Source: ICIS news]

SINGAPORE (ICIS)--Singapore’s economy grew by 6.1% year on year in the third quarter of 2011 on a strong expansion in the manufacturing sector and is expecting a growth of around 5% for the year 2011, official statistics showed on Monday.

On a seasonally adjusted quarter-on-quarter annualised basis, the economy grew by 1.9% after a 6.4% contraction in the preceding quarter, according to a statement released by the Ministry of Trade and Industry (MTI).

The city-state’s manufacturing sector expanded by 14.2% year on year in the third quarter, after contracting by 5.6% in the preceding quarter, the MTI said.

“This was largely due to a rebound in biomedical manufacturing output as some companies switched to producing a higher value mix of pharmaceutical products,” the statement added.

However, the MTI cautioned that growth for the fourth quarter is likely to weaken in line with deteriorating external macroeconomic conditions and is expecting a growth of around 5% for the year 2011 from a previous estimate of 5-6%.

The MTI is expecting to see a pullback in growth in the biomedical manufacturing cluster after a strong surge in the third quarter.

For the next year 2012, MTI forecasts the city-state’s economic growth to be 1-3%, seeing a modest performance from the biomedical manufacturing cluster on an increase in production of active pharmaceutical ingredients and biologics.

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By: Samuel Wong

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