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The Rate of Gross Domestic Product (GDP) of Singapore

In business we know about the rate of gross domestic product (GDP) of Singapore during semester I on 2010 touch the level of 18.1% compared with same period last year (year-on-year). During the quarter II alone, from data that we get from Singapore’s Ministry of Trade and Industry (MTI), business cited from the official website showed GDP grew by 19.3% in year-on-year. Referring to the annual calculation basis (annualized rate), the second quarter the economy grew 26%. “Throughout 2010, we expect Singapore’s economy drove 13% to 15%, or we revised up from previous projections that only in the range of 7% -9%,” writes the data published by MTI, today. The manufacturing sector registered 45.5% growth surge supported biomedical manufacturing cluster production and the strength of the electronic cluster expansion due to strong global demand for electronics products.

For the construction sector, growth reached 13.5%, or higher than the growth in the first quarter which amounted to 10.2%. This is because the increase in construction activity in the public sector. Meanwhile, service industries grew 11.4%, slightly higher than the record first quarter is 11.2%. Singapore government hopes this will be a value to make Singapore to become strong country in economy.