does anyone actually believe that the singaporean economy grew by 39%?

[really, i mean, really?]

I mean, REALLY? does anyone actually believe an economy grew by 39% when other 'tigers' in the past (and today) think 12% is amazing?

smh.com.au/business/world-business/singapores-gdp-rockets-39-as-asian-trade-soars-20100520-vgwf.html

[redacted]

"Singapore's visitor arrivals are surging as resorts run by Las Vegas Sands Corp. and Genting Singapore Plc attract tourists to their roulette tables, shops and hotels. The Singapore Tourism Board expects to lure as many as 12.5 million visitors this year."

One does need to ask where they are getting their information from....

[Aliya]

Walk around Beach Road and Arab Street and see all the closed shops that were not there a year ago.  I dont know where the money is coming into the economy but it isn't translating into grass roots or the local economy.  Things are still pretty bad.

[yes, really]

If you don't understand economics, then don't feign ignorance and disbelief. Go to the link you provided and re-read the article. That 38.6% you quoted is over the previous quarter, and then annualized. Year on year, it was only 15.5%.  Coming from a low base - remember SG was hit badly and went into a recession - 15.5% rebound is hardly a surprise. For the full year, real GDP growth is likely to be in the single digit.

Also, try to understand the concept of percentage changes.  Imagine you got a 50% pay cut last year. To restore your pay, you will need a 100% increase.  Go figure...

Yes, really....

[Kubes.SG]

I really am pissed off about the total distortion that is called the Singapore GDP.  GDP is meant to mean the Gross Domestic Product.  SG Govt then use this false figure to state that per capita GDP is something like US$52k, meaning the average SG heartlander household of 6 people (mum, dad, 2 kids, 1 granny and 1 maid) generates nearly SG$450,000 of economic output per year.  The real data (household income) shows that figure should be much closer to $60K or $70K per year per household.

The SG GDP is a monstrous lie and complete joke.   Wikipedia has a solid explanation of GDP and how it should be calculated.  I wish the MAS muppets would explain how they come up with the SG GDP figures.

I reckon the trick they pull is that they include value of all the energy (oil and gas) products that pass through SG ports, plus the value of all the shipping containers that pass through SG ports;  which happens to be one of the busiest ports in world.  Virtually none of that international trade is real "product" that is produce in SG.  Nor does much of it's value touch the real SG economy directly or indirect via jobs or services.  These SG GDP numbers  are totally distorted by the value of international trade that passes through SG ports.  

You see this so clearly.  When international trade through the SG ports is down,  the SG GDP collapses.  When the oil handling and cargo shipments are up, or even the price of oil/gas is up, the SG GDP is way up too.   These wild fluctuations have no impact on the what is happening in the real domestic economy.

[Kapitan Obvious]

All the petroleum and other chemical products that are imported into Jurong Island and, to a lesser extent, the refinery on Pulau Bukom, and which are then processed and exported are counted.  PETROCHEMICAL

Each container that passes through SG makes money for PSA, even though it doesn't leave the port.  Every ship that comes here makes money for SG.  SHIPPING

Those are two pillars of SG's economy.

[and don't forget]

the $70 million collected by the casino levy.

That will be a real boon to the local economy

[marriedguy]

I really am pissed off about the total distortion that is called the Singapore GDP.  GDP is meant to mean the Gross Domestic Product.  SG Govt then use this false figure to state that per capita GDP is something like US$52k, meaning the average SG heartlander household of 6 people (mum, dad, 2 kids, 1 granny and 1 maid) generates nearly SG$450,000 of economic output per year.  The real data (household income) shows that figure should be much closer to $60K or $70K per year per household.

The SG GDP is a monstrous lie and complete joke.   Wikipedia has a solid explanation of GDP and how it should be calculated.  I wish the MAS muppets would explain how they come up with the SG GDP figures.

I reckon the trick they pull is that they include value of all the energy (oil and gas) products that pass through SG ports, plus the value of all the shipping containers that pass through SG ports;  which happens to be one of the busiest ports in world.  Virtually none of that international trade is real "product" that is produce in SG.  Nor does much of it's value touch the real SG economy directly or indirect via jobs or services.  These SG GDP numbers  are totally distorted by the value of international trade that passes through SG ports.  

You see this so clearly.  When international trade through the SG ports is down,  the SG GDP collapses.  When the oil handling and cargo shipments are up, or even the price of oil/gas is up, the SG GDP is way up too.   These wild fluctuations have no impact on the what is happening in the real domestic economy.

Hmmmm, a little diddling of the Import minus export part of the GDP equation.

[Living Dead]

This kind of stuff happens only in Singapore, nowhere else. 

Now where did I put those WMDs...?