Singapore economy surged 14.5% in 2010

The expansion was driven by the manufacturing sector which rebounded by 29.7 per cent in 2010.

According to Singapore's Ministry of Trade in Industry, the economy expanded by 14.5 per cent in 2010, driven largely by the manufacturing sector. Due to a surge in electronics and biomedical manufacturing output, the manufacturing sector rebounded by 29.7 per cent in 2010.

Growth in the construction sector continued in 2010, albeit at a more modest pace of 6.1 per cent compared to 17.1 per cent in 2009.

The services producing industries grew by 10.5 per cent in 2010, compared to the contraction of 0.7 per cent in 2009. This was due to a broad-based expansion in all services sectors. In particular, the wholesale and retail trade sector grew strongly by 15.1 per cent, amid improving external demand. The financial services sector also posted a robust growth of 12.2 per cent, on the back of increased activities for fund management and commercial bank lending. Tourism-related services sectors (such as the hotels and the arts, entertainment & recreation segments) were bolstered by strong visitor arrivals as well as the opening of the Integrated Resorts.

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