14 Apr '11, 4am

Singapore's Economy In 1Q 2011 Grew 8.5% On-Year: MAS to tighten monetary policy to check inflation.

But between January and March 2011, Singapore’s economy expanded 23.5% compared to the previous quarter. This was a strong improvement from the 3.9% growth recorded in the previous quarter. A pick-up in business investment regionally has resulted in a surge in electronics and precision engineering manufacturing. In 1Q 2011, Singapore’s manufacturing sector expanded a whopping 80.2% quarter-on-quarter. The services industries – including financial services and wholesale and retail trade – grew 8.4% on-quarter. This was up from the 5.6% in the previous quarter. An increase in residential building activities has the construction sector growing by 14.5% on-quarter, after 2 straight quarters of decline. The Monetary Authority of Singapore (MAS) announced today that it will re-centre upwards the exchange rate policy band of the Singapore dollar, allowing the currency to strength...

Full article: http://www.business.gov.sg/EN/News/20110414Q1EconomicGrowth

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