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Last Updated: Wednesday, 3 January 2007, 07:51 GMT
Singapore enjoys 'healthy' growth
Singapore skyline
Singapore has the second-fastest growing economy in South East Asia
Singapore's economy grew by 5.9% year-on-year in the fourth quarter and by 7.7% during 2006, the Singapore government has said.

Construction, biomedical manufacturing and transport engineering all helped to drive the economy, the most advanced in South East Asia.

"The economy continued to grow at a healthy pace," the Ministry of Trade and Industry (MTI) said.

But the manufacturing sector slowed in the final quarter of the year.

This was because of weaker electronics and chemicals output, MTI said.

Services stall

"On the other hand, double-digit growths (rates) were seen in both the biomedical manufacturing and transport engineering clusters," the ministry added.

Growth in services fell to 6.0% in the fourth quarter from 6.6% in the previous three months, because of slower growth in the wholesale and retail trade sector.

On Wednesday, the first trading day of the year, Singapore's stock market continued its recent strong run.

At the end of the morning session, the Straits Times Index was up 38.79 points, or 1.3%, at 3,024.62.

Singapore is the second-fastest growing economy in South East Asia after Vietnam, where the economy grew nearly 8.2% in 2006.

Singapore economy performing well
03 Jan 06 |  Business

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