15th Feb 2008
The Ministry of Trade and Industry (MTI) announced today that the Singapore economy is expected to grow by 4.0-6.0 per cent in 2008. GDP Performance for 2007:
Moderating but Above-Trend Growth Economic growth moderated in the fourth quarter of 2007. GDP grew by 5.4 per cent year-on-year, down from the 9.5 per cent increase in the previous quarter. Growth on an annualised quarter-on-quarter basis declined to -4.8 per cent, down from 5.1 per cent in the third quarter. The slowdown reflected largely a sharp decline in biomedical manufacturing rather than the impact of the slowing US economy. The fastest growing sectors were construction and financial services. For 2007 as a whole, growth was still an above-trend 7.7 per cent, following 8.2 per cent in 2006.
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