The GDP of Singapore in the first quarter, adjusted to an annual rate, grew by 38.6% compared to the previous quarter, exceeding expectations. However, the government has warned that recent developments in the European Union indicate that the risks to global growth have increased.
The economic growth in Singapore for the first quarter recorded the fastest rate since records began in 1975, significantly reversing the contraction of 2.8% in the fourth quarter of 2009.
The Ministry of Trade and Industry announced in April that the preliminary estimate, seasonally adjusted, indicated a 32.1% annualized growth in GDP for the first quarter; this growth figure was revised upward mainly due to a comprehensive recovery in the economy led by the manufacturing sector.
Additionally, according to the revised data, Singapore's GDP in the first quarter grew by 15.5% year-on-year, compared to an initial estimate of 13.1% growth.
Meanwhile, the Singapore government has maintained its GDP growth forecast for 2010 at 7% to 9%.
