Singapore’s GDP expands 18.8 percent in Q2

Singapore’s GDP expands 18.8 percent in Q2

Singapore’s economy grew 18.8 percent in the second quarter of this year from the level in the same period last year, driven by a red-hot manufacturing sector, the Ministry of Trade and Industry (MTI) announced today.

The second quarter growth rate was faster than the 16.9 percent growth reported for the first quarter and places the country’s growth in the first half at 17.9 percent, as earlier cited by Prime Minister Lee Hsien Loong during his National Day message on Sunday.

Manufacturing shined during the quarter, expanding 44.5 percent year-on-year, led by the biomedical manufacturing and electronics clusters. The construction sector grew by 11.5 percent, supported by an increase in public sector construction activities, the MTI said in a statement.



As a whole, services-based industries expanded by 11.2 percent year-on-year in the quarter, with the wholesale and retail trade sector growing by 18.9 percent on the back of strong global trade flows. The financial services sector and the hotels and restaurants sector both grew by a little more than 10 percent each.

The government, however, was not optimistic that the strong first half growth could be replicated in the second half of this year, although it expects growth rates to remain healthy.

Anticipated plant maintenance shutdowns in the biomedical manufacturing cluster will contribute to dragging down overall growth, whilst the global economy will see growth easing though it is expected to remain on a modest recovery path, the MTI noted.

The ministry said the weakness in the US labour and housing markets, plus lower consumer confidence, will affect household spending in that market.

In Europe, market concerns over Greece and the region’s banks have been quelled, but circumstances involving southern European economic remain frail, thus, demand in the European Union is expected to remain sluggish, it noted.

Meanwhile, the MTI pointed out that countries in Asia have been affected by the slowdown in external demand, whereas China’s growth momentum has moderated in the second quarter from the previous quarter.

Taking account all those factors, MTI affirmed its growth forecast for the full year at between 13 percent and 15 percent, which would make Singapore one of the world’s fastest growing economies.

Source: http://sg.yfittopostblog.com/?p=4092&preview=true

Prime Minister Lee Hsien Loong has called on Singaporeans to welcome foreign talent with “an open heart”.

Prime Minister Lee Hsien Loong has called on Singaporeans to welcome foreign talent with “an open heart”.













In his televised National Day message on Sunday evening, the eve of Singapore’s 45th birthday, PM Lee acknowledged Singaporeans’ concerns about taking in foreign workers and immigrants.

However, he stressed the critical need to reinforce the Singaporean team with talent and numbers from abroad and added that the government will control the inflow, “to ensure that it is not too fast, and not too large”.

According to reports, over 150,000 foreign workers have entered Singapore per year since 2007, and they now make up about a third of the island’s 3 million work force and about a fourth of the total population of 5 million, up from 10 percent in 1990.



“We will only bring in people who can contribute to Singapore, and work harder to integrate them into our society. And we will make clear that citizens come first. After all, we are doing this for the sake of Singaporeans,” PM Lee said.

“Other countries are not only much larger than us, but have far deeper pools of talent than we have. We must make up for the shortage of Singaporean workers in our economy and the shortfall of babies in our population,” he added.

Delivering his address from the Pinnacle@Duxton, PM Lee said the government’s goal is to ensure all Singaporeans enjoy the fruits of growth.

He went on to reveal that Singapore’s economy grew 17.9 per cent in the first half of 2010 from a year earlier and the government is forecasting full-year growth of between 13 and 15 per cent.



He said workers can look forward to better wages, more overtime and higher bonuses this year but he cautioned that the exceptional growth this year may not be repeated year after year, even as the government continues to continue to grow the economy with sustained effort.

“Let us not get carried away. Risks remain in the world economy, especially in Europe and the US. The global financial system is not fully mended. Singapore is small and open. If the world economy turns bad, we will be buffeted. We need to stay vigilant and watch the developments worldwide,” he said.

Sources: http://sg.yfittopostblog.com/2010/08/09/welcome-foreign-talent-with-an-open-heart-pm-lee/

Our Pride and Joy !!!!

Testimonial of Praveen Joy !!!!

My name is Praveen Joy. I am from Cochin, India. I came to Singapore in last of 2009 to do my Diploma in Tourism and Hospitality Management. When I came to Singapore, I thought that it will not be easy to adapt to the new situation but after coming to Nanyang, I found that all the teachers are very friendly and the staff are very helpful. The subjects are very good and easy to understand.

One of the main advantages is that we don’t have to worry about the OJT (On Job Training) like other schools in Singapore because there is a special unit to provide placements to students. One main thing is that the school tries to find OJT according to the students’ wish. I think Nanyang is the best School to study in Singapore without any doubt.