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Singapore’s economy speeds up in Q1: government

SINGAPORE, April 10, 2008 (AFP) - Singapore's economy grew an annual 7.
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2 percent in the first quarter, faster than the 5.
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4 percent expansion recorded in the previous three months, the government said Thursday.

But economists said the growth is likely to taper off in coming months amid a widely-expected US-led global slowdown.

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Last quarter's performance was also better than economists' average growth forecast of 6.

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4 percent expansion in Southeast Asia's most advanced economy.

On a quarter-on-quarter seasonally adjusted annualised basis, real gross domestic product for the first quarter of this year expanded by 16.


9 percent after dropping 4.8 percent in the fourth quarter last year, the Ministry of Trade and Industry said.


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The Monetary Authority of Singapore, the city-state's de facto central bank, said in a separate statement it will tighten monetary policy in an attempt to rein in inflation which accelerated to 6.
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6 percent in January-February.

Growth in the first quarter was powered by the manufacturing sector which expanded an annual 13.

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2 percent, picking up sharply from the 0.
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2 percent recorded in the previous quarter, the trade ministry said.
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"This was largely due to a surge in

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