Others   

Singapore's economy grows 15.5 percent in Q1

Singapore rawks!  Property price here will be keep increasing.  We are different from others which might face property bubbles. Thanks to our healthy financial system.


If more foreigners who come here to invest in business with a capital of 2 millions, they can buy residential property not more than 50% of their total investment therefore, i would think Mass market condos will be very attractive to them in terms of buying condos.

 

Brighter future.....in singapore.

 

 

 

Singapore's economy grew by a better-than-expected 15.5 percent in the first quarter year-on-year, spurred mainly by strong demand for electronics, government data showed Thursday.

On a seasonally adjusted quarter-on-quarter basis, Singapore's gross domestic product (GDP) surged 38.6 percent in the three months to March period, the Ministry of Trade and Industry (MTI) said.

Initial government estimates released in April showed the economy expanded an annual 13.1 percent and 32.1 percent on a quarter-on-quarter basis.

The MTI said the first quarter display was driven by the manufacturing sector's annual 32.9 percent surge amid buoyant global demand for electronics products, especially semiconductor ships.

"The strong momentum seen in the first quarter was broad-based, led by the manufacturing sector... The electronics cluster enjoyed the strongest growth, underpinned by strong global demand for semiconductor chips," the MTI said.

Other key industries also showed strong performance during the first quarter, it said.

These included construction, which expanded 13.7 percent annually, wholesale and retail trade, which was up 17.7 percent while financial services surged 18.1 percent, the MTI said.

Singapore's economy has expanded for three straight quarters as the city-state stages a strong recovery from a recession triggered by the global economic and financial crisis that struck in late 2008.

The MTI is maintaining its 2010 forecast for growth of 7.0-9.0 percent, a dramatic turnaround from last year, when GDP shrank a revised 1.3 percent.

Despite the strong economic recovery, the ministry said Europe's debt crisis and worries of excessive asset price increases in Asia were some of the downside risks that could derail the global economy, thereby hitting Singapore.

Singapore, one of Asia's wealthiest countries, has one of the world's most open economies, which makes its vulnerable to volatility in the global economy.