Singapore raises growth forecasts

 Singapore economy has seen a record expansion in Singapore 2010 has raised its forecast after boost for manufacturing early in the year of economic growth.

Gross domestic product (GDP) increased by 8.3% in the first quarter, compared to the same period a year earlier, trade and industry Ministry, said.

The Government said that it now awaits growth of 5% and 7% this year, 1 higher than its previous forecast percentage point.

Singapore has been the growth of the Asian economy in 2010.

According to the latest figures from the Government the economy grew by an annualized rate of 22.5 in the first three months of 2011.

Continuous Singapore of growth was led by manufacturing, especially in the pharmaceutical production.

Manufacturing increased by 13% from the previous year and 75% from the previous quarter, said the Ministry.