14 Apr '11, 4am

(TODAY) Singapore's Q1 economic growth gains momentum

Singapore - Singapore's economy grew at the fastest pace in three quarters, an expansion that prompted the central bank to tighten its monetary policy. Gross domestic product rose at an annual rate of 23.5 per cent last quarter from the previous three months, when it climbed 3.9 per cent, the trade ministry said in a statement today. This compares with the 11.4-per-cent median estimate in a Bloomberg News survey of 14 economists. The central bank said separately that it will re-centre the exchange rate policy band upwards. Asian central banks are raising interest rates, removing excess cash from their financial systems or allowing their currencies to appreciate as rising oil and commodity prices fuel inflation. The Singapore dollar rose to its highest level on record as the economy extends its expansion after last year's unprecedented growth rate. "There is little doubt th...

Full article: http://www.todayonline.com/Singapore/EDC110414-0001061/Si...

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