Singapore economy rose 6.1% on manufacturing boom

Singapore’s economy is expected to grow by approximately five percent for the rest of 2011 and between one and three percent in 2012, in light of the uncertain global economy, according to the Ministry of Trade and Industry (MTI).

In the three months leading to September, the economy grew 6.1 percent year-on-year, with the manufacturing sector rising 14.2 percent. The construction and services sectors also expanded 0.3 percent and 3.7 percent respectively.

In addition, the pace of economic growth has slowed considerably, increasing only 1.9 percent in Q3.

The MTI also expects softer growth in Q4, on the back of deteriorating external conditions, particularly in the biomedical and electronics manufacturing sectors, as well as in the financial services sector.

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