The Singapore government has revised its 2011 gross domestic product (GDP) growth forecast to between five and seven percent from the previous four to six percent, citing healthy Asian growth and modest recovery in developed economies.
The revision came after the latest data showed that Singapore’s economy grew an annualised and seasonally adjusted 22.5 percent in the first quarter from the previous quarter, below the 23.5 percent projected growth.
On a year-on-year basis, the Singapore economy grew 8.3 percent, in line with advance estimates.
Several economists surveyed by Reuters had expected the government to report GDP growth of 22.2 percent quarter-on-quarter and 8.3 percent year-on-year, lower than the 23.5 percent and 8.5 percent advance estimates respectively.
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