Improved Outlook for 2007 As Growth Broadens and Economy Diversifies

10 August 2007. The Ministry of Trade and Industry announced today that the economy is expected to grow by 7.0-8.0 per cent in 2007, riding on the momentum of the second quarter and supported by a favourable external environment and broad-based growth across the major sectors.

Performance in Second Quarter

Growth picked up pace in the second quarter, with GDP expanding by 8.6 per cent year-on-year following 6.4 per cent in the previous quarter. Growth on aseasonally-adjusted quarter-on-quarter annualised basis increased to 14 per cent from 8.8 per cent in the first quarter. Overall, the Singapore economy grew by 7.6per cent in the first half of 2007.

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Economic Survey of Singapore Second Quarter 2007

MINISTRY OF TRADE AND INDUSTRY
10 August 2007