Singapore's Q1 GDP up by 7.5%

Singapore’s Q1 GDP up by 7.5%

GDP (Gross Domestic Product) of Singapore grew by 7.5% in the first quarter of 2004 when compared to the same period of last year, according to the statement made by Ministry of Trade and Industry (MTI). It is stated that the economic recovery in Singapore widened in the first quarter as all significant sectors indicated improvements in year-on-year growth. Despite the developing economy, the unemployment rate remained high at 4.5% at the end of March as retrenchments indicated an upward trend. MTI has raised its 2004 GDP growth forecast to 5.5-7.5% from 3.5-5.5% due to the economic upturn. The positive outlook of the Singapore economy is also supported by forward looking indicators such as Composite Leading Indicator (CLI). MTI also pointed out that the global economic recovery has continued to strengthen in recent months, driven by low interest rate and expanding international trade and investments.