In financial year 2005 this rate went up and real growth rate of Singaporean gross domestic product became 8.10 percent and in 2006 it came down to 6.40 percent. In financial year 2007, Singapore GDP growth rate (real) went up to 7.90 percent. It came down to 7.50 percent in financial year 2008.
Present condition of Singapore GDP growth
Singapore national government claimed on February 13, 2008 that gross domestic product of Singapore had decreased by 4.8 percent in that particular quarter. Much of this could be attributed to significant decrease in production of pharmaceutical industry. Unimpressive growth of manufacturing sector had played an important role in weakening condition of Singapore GDP.
Disappointing growth rate of Singapore's gross domestic product can also be attributed to biochemical manufacturing. All this contrived to take down gross domestic product growth of Singapore to 7.7 percent in 2007. It was 0.5 percent lesser than what it was in 2006, when rate of growth of gross domestic product was 8.2 percent.