The Singapore economy performed well in 2006, with gross domestic product (GDP) growing by 7.9% in 2006, following the strong 6.6% expansion in the preceding year (Chart 10). Economic growth was supported by generally sanguine conditions in the global macroeconomic environment, while international financial markets were also conducive. Nevertheless, some softness in the global IT industry began to weigh on domestic GDP growth in the second half of the year.
The economy’s performance over the past year can be characterised along three broad themes: broad-based expansion across most major economic sectors, robust conditions in the labour market, and contained price pressures amidst ongoing globalisation.
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