SINGAPORE (AP) – Singapore’s economy grew a record 14.7 percent this year, rebounding strongly from last year’s recession as the global recovery boosted exports and tourism.
Gross domestic product expanded 12.5 percent in the fourth quarter from the same period a year earlier, Prime Minister Lee Hsien Loong said in a statement Friday. Lee reiterated the government’s GDP growth forecast for next year of between 4 percent and 6 percent.
Lee warned that the U.S. economy remains weak and Europe faces a debt crisis in several countries while growth momentum in Asia is strong.
“The outlook for the world economy is mixed,” Lee said. “Hopefully, Asia will continue to do well despite the weakness in developed countries.”
Singapore’s three key sectors – manufacturing, finance and tourism – all flourished this year as the global economy bounced back from a recession triggered by the financial crisis of 2008. The opening of the city-state’s first two casino resorts this year attracted record tourists as Singapore seeks to become one of Asia’s top gambling and shopping destinations.
The government is scheduled to announce the details of fourth quarter GDP data on Monday.