Singapore economy set record growth in 2010

By Staff Reporter | January 3, 2011 1:18 PM EST

The economy of Singapore surged by 14.7 percent in 2010, primarily driven by a surge in manufacturing activity, versus a 1.3 decline in the prior year, making it Asia’s fastest-growing economy.

The GDP performing from 2010 surpasses the prior record growth of 13.8 percent established in 1970. According to data from the International Monetary Fund (IMF), Singapore’s performance last year was second only to Qatar, which grew by 16 percent in 2010.

The economy expanded by 6.9 percent (on an annualized basis) in the fourth quarter. The services sector, which accounts for about two-thirds of Singapore's economy, grew by 8.8 percent in the fourth quarter of 2010 alone.

"Economic growth in the fourth quarter was primarily underpinned by a strong expansion in the manufacturing sector," the government’s Ministry of Trade and Industry.

"This strong growth was led by the biomedical manufacturing cluster, which saw a strong rebound in pharmaceutical output."

However, the city-state’s Prime Minister Lee Hsien Loong cautioned the growth would slow down in 2011. Official estimates are expecting 2011 GDP expansion of between 4 percent and 6 percent.

One of the few weak segments of the economy is the construction sector, which shrank 1.2 percent in the fourth quarter, after growing 7.1 percent in the third quarter.

http://www.ibtimes.com/articles/96966/20110103/singapore-gdp.htm

REACTION:

Amazing! It is just amazing how such a small country can do so much to their economy. Before, Singapore was not more than just a small island but now it has one of the most productive economies in the world.

Last year, I travelled to Singapore with some friends. As soon as our airplane was flying on top of the island, I can already see how productive Singapore is. Tall buildings, high towers, big factories, a lot of transportation road. After the sight, I wondered why I can’t smell or see pollutions like what I’ve seen in the Philippines. Then there I saw the answer: decade-year-old trees and some even centuries old. I find it very inspiring that they didn’t sacrifice their environment for industrial purposes.

One fact I learned from my visit there was almost 98% of their citizens have jobs and that one goal of their government was to provide a house for their people in which the people themselves own.  It moves me to know that their government is doing their job to help the people. From a Filipino point of view, their government is perfect.

                Another thing that I like about Singapore is, if my information is correct, that Singapore has very little natural resource. I find it remarkably astonishing that despite the fact that they have such little resource they still prospered. They started with so little but now they have so big. This just proves that big things come in small packages. I hope our country is not far behind. We already have a hefty amount of resources to start on. A little more political will from our leaders and cooperation of the people, and maybe we can be in par with other 1^st world countries.