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Singapore's economy 2nd quarter GDP revised to 18.8%
SINGAPORE (Kyodo) -- Singapore said Tuesday its economy grew nearly 19 percent in the second quarter on the year, its strongest quarterly growth ever recorded and one of the strongest rebounds from the global crisis in Asia.
The Trade and Industry Ministry said that gross domestic product expanded by 18.8 percent in the April-June quarter, slightly lower than the 19.3 percent reported by the ministry last month in its advance estimates for the quarter.
However, the growth is still the strongest since such quarterly data began to be computed in 1975 and is among the strongest to be reported in Asia after the recent global economic crisis.
The ministry maintained its projection for the country's annual economic growth this year at between 13 and 15 percent, after GDP shrank 1.3 percent last year, dragged down by the global crisis.
The ministry raised its projection for this year's growth from 7 to 9 percent to between 13 and 15 percent when it reported last month's advance estimates.
However, the ministry cautioned that it does not expect the strong growth momentum in the first half of this year to continue into the second half although economic prospects remain healthy.
It cited the slower pace of U.S. economic growth in the second quarter and sluggish growth in the European Union, which in turn have affected Asia, as factors for a more moderate pace in the second half of this year.
The manufacturing sector, which accounts for 20 percent of Singapore's economy, contributed to the strong second-quarter growth, by expanding 44 percent year-on-year, led by the biomedical manufacturing and electronics sectors, the ministry said.
Singapore's economy 2nd quarter GDP revised to 18.8%
SINGAPORE (Kyodo) -- Singapore said Tuesday its economy grew nearly 19 percent in the second quarter on the year, its strongest quarterly growth ever recorded and one of the strongest rebounds from the global crisis in Asia.
The Trade and Industry Ministry said that gross domestic product expanded by 18.8 percent in the April-June quarter, slightly lower than the 19.3 percent reported by the ministry last month in its advance estimates for the quarter.
However, the growth is still the strongest since such quarterly data began to be computed in 1975 and is among the strongest to be reported in Asia after the recent global economic crisis.
The ministry maintained its projection for the country's annual economic growth this year at between 13 and 15 percent, after GDP shrank 1.3 percent last year, dragged down by the global crisis.
The ministry raised its projection for this year's growth from 7 to 9 percent to between 13 and 15 percent when it reported last month's advance estimates.
However, the ministry cautioned that it does not expect the strong growth momentum in the first half of this year to continue into the second half although economic prospects remain healthy.
It cited the slower pace of U.S. economic growth in the second quarter and sluggish growth in the European Union, which in turn have affected Asia, as factors for a more moderate pace in the second half of this year.
The manufacturing sector, which accounts for 20 percent of Singapore's economy, contributed to the strong second-quarter growth, by expanding 44 percent year-on-year, led by the biomedical manufacturing and electronics sectors, the ministry said.