About Singapore GDP growth
GDP of Singapore has been growing at a steady rate in last five years. In 2003, real growth rate of Singaporean gross domestic product had been 2.20 percent but it came down to 1.10 percent at end of 2004 financial year.
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.
Economic experts were of opinion that decrease in quarterly gross domestic product of Singapore had no relation to economic slowdown that had affected United States of America and other countries across globe. They said that it was more of a moderation rather than a disaster.
Singapore national government has brought down its gross domestic product growth forecasts from 4.5 percent-6.5 percent to 4 percent-6 percent. They have also expressed fear that if further recession occurs in US, Singapore would be heavily affected. They have also opined that growth of Singaporean economy would be slow. Economists, operating in private sector, have drastically slashed their forecasts from 4.2 percent to 2.2 percent as per a survey that had been conducted in September 2008.