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The Macau Metro Monitor, May 17, 2012

SINGAPORE WARNS OF EUROPE DEFAULT RISK AS ECONOMY GROWS 10% Business Week

1Q GDP in Singapore grew 1.6% YoY or an annualized 10% QoQ, marginally higher than the initial estimate of 9.9% growth.  This missed the median estimate in a Bloomberg survey of a 10.6% gain.  

The Trade Ministry maintained its forecast for 2012 GDP growth of 1-3%.  “Singapore’s growth momentum has picked up, anchored by a strong upturn in the manufacturing sector.  Nevertheless, the recovery in the global economy remains fragile and vulnerable to downside risks.  A disorderly sovereign debt default in the Eurozone that would hurt the global economy and Singapore’s export-dependent industries cannot be ruled out," the Trade Ministry said.