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Singapore GDP Jumped 32.1% in Q1

Singapore says its economy soared in the first three months of 2010 as manufacturing more than doubled.

The Trade and Industry Ministry said Wednesday that gross domestic product grew an annualized, seasonally adjusted 32.1 percent in the first quarter, bouncing back from a 2.8 percent drop in the fourth quarter of 2009.

The ministry says the economy grew 13.1 percent in the first quarter from the same period a year ago. The ministry says it raised its 2010 GDP forecast to between 7 percent and 9 percent.

The central bank says Wednesday that it shifted its exchange rate policy from a 0 percent appreciation to a “modest and gradual” appreciation in a bid to dampen inflation pressure.

SINGAPORE (AP)

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