The manufacturing sector in Singapore has grown by almost 50%, leading the way for the South-East Asian nation’s economic expansion.
Figures show that in the three months through June, the manufacturing sector grew by 44.5%, 1% less than the preliminary estimate of 45.5%.
The construction industry sector grew 11.5% and the service sector saw increases of 11.2%
Gross Domestic Products went up by 24% in the second quarter compared to the previous three months, the trade ministry said. The island may well become the world’s fastest-growing economy in 2010, part of a wider Asian rebound.
Analysts have warned, however, that growth may slow as European governments embark on austerity projects and the tiny South-East Asian island nation’s exports slow.
“Risks remain in the world economy, especially in Europe and the USA,” said Singapore’s president, Lee Hsien Long; “The global financial system is not fully mended. If the world economy turns bad, we will be buffeted. We cannot expect to repeat this year’s sterling performance year after year, but we can continue to grow our economy with a sustained effort.”
According to predictions by the International Monetary Fund for 2010, only Qatar’s economy is on track to expand faster than that of Singapore.