Manufacturing Sector Fuels Singapore's GDP Growth

Fuelled by a booming manufacturing sector, Singapore's economy expanded 38.6% in the first quarter, faster than previously estimated, says the Wall Street Journal.

 

The Journal says that Singapore is the frontrunner for export-led countries in Asia and the data suggest that region is on a strong recovery. But the ongoing crisis in Europe could hurt the pace of growth if the crisis spreads to other parts of the world.

 

Output in the manufacturing sector during the first quarter grew 32.9% from a year earlier, while the services sector grew 10.9% year-to-year.

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