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Article: Singapore growth exceeds forecasts
- Article from:
- China Daily
- Article date:
- July 12, 2005
- Author:
CopyrightCopyright 2005 China Daily. Provided by ProQuest LLC. (Hide copyright information)
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Singapore's economy expanded in the second quarter at almost twice
the pace expected by forecasters as drug production rebounded and the
city attracted more tourists. The Singapore dollar and stocks rose.
Gross domestic product grew at an annual 12.3 per cent pace, the
fastest in almost two years, after a 5.5 per cent contraction in the
first quarter, the trade ministry said in a report yesterday. The
median forecast of 13 economists in a Bloomberg survey was for a 6.6
per cent gain.
Service industries benefited from a recovery in tourism after the
December 26 tsunami caused arrivals in Southeast Asia to slump in the
first quarter. Prime Minister Lee Hsien Loong is counting on a
recovery in ...