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Singapore announces record economic growth

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by Kay Mitchell

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 country’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, Qatar‘s economy is believed to have grown faster than Singapore – at around 16% for 2010.

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News posted: January 3, 2011

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