(Submit Articles) With head offices located in Singapore, investment firm Wilkinson Bennings Securities reports on the stunning rise of the local economy amidst a continuing world recession.
Singapore's GDP grew at a record rate in 2010, driven by a rush forward in manufacturing activity. The economy grew by 15.2% last year, recovering strongly from a 1.1% contraction the previous year. Singapore's growth exceeds the previous record of 13.5% set in 1970, although the Prime Minister said the pace would cool in 2011.
The economy extended by 12.5% in the last quarter, helped by a 28.4% surge in the manufacturing sector. According to data from the International Monetary Fund, only Qatar enjoyed faster growth at 15.8%. Singapore's GDP, valued at 247bn Singapore dollars in 2009, is very reliant on external trade and is sensitive to variations in the global economy.
Singapore saw its GDP shrank by 1.1% in 2009 due to the global downturn when demand from the States and other G20 economies collapsed. The service sector, which makes up 67% of Singapore's GDP, grew 9.1% in the fourth quarter of 2010.
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Estimates of future returns or indications of past performance in this release are for information purposes and should not be considered as a guarantee of future performance. Changes in currency exchange rates may have an adverse effect on the value or income. The level of tax benefits and liabilities will depend on individual circumstances and may be subject to change in the future.
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