Singapore GDP expands 14.5% in 2010; growth of 4-6% anticipated for 2011

Singapore's Ministry of Trade and Industry (MTI) stated (17-Feb-2011) the Singapore economy grew by 14.5% in 2010, revising the decline of 0.8% in 2009 and driven largely by the manufacturing sector. Real GDP expanded by 12.0% in 4Q2010, following growth of 10.5% in 3Q2010. MTI's growth forecast for 2011 remains at 4.0-6.0%. The inflation forecast for 2011 has been revised from 2.0-3.0% to 3.0-4.0%. In particular, inflation is expected to rise further to 5.0-6.0% in the first few months of this year. The Monetary Authority of Singapore's core inflation forecast, which excludes the cost of accommodation and private road transport, remains unchanged at 2.0-3.0%.