4 Jan 2011

Spurt in growth by Singapore

4:45 pm on 4 January 2011

Singapore's economy expanded at a record rate of 14.7% in 2010, driven by a surge in manufacturing activity.

The latest growth surpasses the previous record of 13.8% set in 1970.

The BBC reports the economy expanded by 12.5% in the fourth quarter, helped by growth of 28.2% in the manufacturing sector.

Standard Chartered Bank economist Alvin Liew said Singapore was the fastest-growing Asian economy in 2010.

According to figures from the International Monetary Fund, only Qatar had faster growth, at 16%.

Singapore's GDP shrank 1.3% in 2009 because of the global downturn when demand from the United States and other developed economies collapsed.

The services sector, which accounts for 65% of Singapore's GDP, grew 8.8% in the fourth quarter of 2010.