Singapore's GDP soars 16 pc in first quarter

SINGAPORE: Singapore revised up its first quarter economic growth to a blistering 16 percent as manufacturing, finance and tourism roared back from last year's recession.

Gross domestic product grew 15.5 percent in the first quarter from a year earlier, up from an initial estimate last month of 13.1 percent growth, the Trade and Industry Ministry said Thursday.

The government in April boosted its 2010 GDP forecast to a range of 7 percent to 9 percent from 4.5 percent to 6.5 percent.

The economy grew at an annualized, seasonally adjusted 38.6 percent in the first quarter, the biggest leap since quarterly results began in 1975, the ministry said. The ministry had said last month the economy expanded 32 percent in the first quarter.