The Singapore economy is likely to grow 7.5% year-on-year in 2007, according to a survey conducted by the Monetary Authority of Singapore (MAS).

In fact, the full year growth figure in the upward revision had a faster than expected 8.6% of economic advancement in the second quarter. This was said to be driven by robust expansion in the services and construction sectors.

Respondents of the survey expect development on year-on-year terms to arrive at 7.8% and 7.6% for quarter three and quarter four of 2007.

In 2008, the economy is also expected to develop by 6.5%, which is higher than the 5.8% expansion predicted in a June survey.

Singapore’s economy grew by 7.9% last year.