News Room - Business/Economics

Posted on 09 Jul 2010

S’pore GDP may see 2-digit growth

Singapore’s stronger-than-expected export and manufacturing data in April and May have prompted economists to significantly revise up their gross domestic product (GDP) growth forecast for 2010.

 

But a few who are wary of the impact of China’s economic slowdown and the euro zone crisis on the export dependent economy kept their forecast unchanged or raised them only slightly.

 

The government is due to release the advance second quarter GDP data next Wednesday.

 

Some economists believe it may revise up its earlier growth forecast of between 7% and 9% for 2010, judging from the strong growth in the first half of this year.

 

A Reuters poll of economists projected GDP had grown 20.6% on a seasonally adjusted annualised basis in the April to June period, and at 16.7% from a year earlier.