Thursday, May 19, 2011

Sg Economy

Sg Economy: 1Q GDP up 8.3% yoy in line with forecasted 8.3% growth. 2011 GDP forecast raised to 5-7% from 4-6% with view of modest recovery in US and Europe economies and Asian growth. 1Q growth was broad based, led by manufacturing which grew 13.1% yoy, with higher production in biomed, precision engineering and electronics…

Financials also grew strongly at 11.3% yoy, and hotels & restaurants sector up 7.0% yoy supported by strong visitor flows. Govt expects further growth in manufacturing sector by new plant ops in the chemicals cluster and financial industry to be grow in light of the continued recovery in both domestic and regional economies.

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