Singapore announces record economic growth

| January 3, 2011

The Singapore economy grew at a record pace in 2010, driven by a sharp rise in manufacturing activity, official figures have revealed.

The economy expanded by 14.7% last year – performing strongly after a 1.3% contraction in 2009 and cementing its position as the fastest growing Asian economy in 2010.

The economy grew by 12.5% in the final quarter – boosted by a 28.2% expansion in the manufacturing sector.

The 2010 growth exceeded the previous record of 13.8% set in 1970. However, the countrya��s Prime Minister, Lee Hsien Loong, said the pace would slow this year.

Asia has been driving the global recovery with China forecast to expand by around 10% in 2010.

However, according to the International Monetary Fund, Qatara�?s economy is believed to have grown faster than Singapore – at around 16% for 2010.

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