While we hear troubling news on Japan and Greece, Singapore's economy soared in the first three months of 2010, bouncing back from a contraction the previous quarter as manufacturing more than doubled.
Gross domestic product grew an annualized, seasonally adjusted 32.1 percent in the first quarter, led by a 139 percent jump in industrial production, the Trade and Industry Ministry said yesterday.
Quantitatively, the figures for this quarter GDP showed that the economy grew 13.1 percent from the same period a year ago, and the government boosted its 2010 GDP forecast to between 7 percent and 9 percent from between 4.5 percent and 6.5 percent, the ministry said. This is really good news and suggest that inflationary pressures will pick up - driven by rising global commodity prices. This will certainly be expected to impact the cost of living as well as the housing price in the short to medium term.
China is scheduled to release their numbers on the first quarter GDP on Thursday.
No comments:
Post a Comment