Singapore GDP higher than before recession

Singapore GDP from second quarter of 2008 to second quarter of 2010

The Singapore economy has not only recovered from the recession but has grown bigger than it was before. The gross domestic product totalled S$72.6 billion (about $53.3 billion) in the second quarter of this year, considerably more than it was during the same period last year (S$61.1 billion) and the second quarter of 2008 (S$62.2 billion). That was before the recession, which began in October 2008. All the GDP figures are at 2005 market prices.

Manufacturing continues to play the biggest role in the economy followed by wholesale and retail trade, financial services and business services. See the next chart showing the performance of each industry.

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Singapore on a record high, here come the foreigners!

Here we go again.

Singapore is booming and earlier government projections have gone bust.

Not only has the government doubled its economic growth forecast to an astonishing record high of  13 to 15 per cent this year.

Plans to reduce the foreign influx and slow down to a more sustainable growth rate have also been put on hold.

More than 100,000 foreign workers are set to enter Singapore this year, reports the Straits Times.

Prime Minister Lee Hsien Loong is quoted as saying: "If we don't allow the foreign workers in, you are going to have overheating."

Read that as "Your wages will soar and property prices skyrocket until employers decide it is better to do business elsewhere."

So foreign workers do depress wages while making the economy more competitive, right?

Now if you think there are too many foreigners, well, you know what the government says: Make more babies.

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Singapore compared with other Asian economies

Singapore suffered a bigger drop in exports than China, Hong Kong, South Korea, Thailand and Vietnam during the recession. See the chart below based on the World Bank report released yesterday.


But the Singapore stock market rebounded more strongly than any other market in the region except Thailand, South Korea and Taiwan, according to the same report. This chart shows all four were back to nearly pre-crisis levels last month.


Hong Kong has bigger foreign reserves than Singapore, but look at China's growing giant pile.

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China visitors fell below 1m in Singapore in 2009

Singapore saw a sharp drop in visitors from China in 2009 when its exports to China exceeded imports from there for the first time in several years. The number of mainland visitors fell from more than a million in 2008 to about 936,700 in 2009.


Mainland Chinese are still the second biggest group of visitors after those from the Association of Southeast Asian Nations, including Malaysians, Indonesians, Thais and Filipinos. Their numbers rose marginally from more than 3.57 million in 2008 to over 3.68 million in 2009.

Visitors from Australia, the third biggest group, dipped from more than 833,000 to 830,000.

Indians continued to make up the fourth biggest group, although their numbers fell from 778,000 to 725,500, according to the Economic Survey of Singapore 2009 released by the Ministry of  Trade and Industry yesterday.

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