- Pharmaceuticals which accounts for about 4-5% of the economy, increased by about 850%t in the second quarter from the previous three months.
- Growth in the second quarter was helped by exports to Europe, which was up 75% in June from the year before, exports to Japan grew by 50% and to China by 39%.
GDP grew by 18.1% in the first half of the year compared with the same period last year, and grew by an annualised and seasonally-adjusted 26% in the second quarter from the previous three months. Compared with the same period last year, it grew 19.3% in the second quarter, the biggest rise since records began in 1975.
Singapore increased its forecast for economic growth for this year to 13-15% from a even then too conservative 7-9%.
Singapore now expects exports to increase 17-19% , up from its previous forecast of 15-17%, due to buoyant demand from China, Indonesia, Malaysia and other Asian countries.