SINGAPORE, Aug 8: Singapore's economy beat expectations to grow a strong 7.6 per cent in the first half over the previous year, Prime Minister Lee Hsien Loong said on Wednesday.

The robust performance has prompted the government to raise its full-year economic growth target to between 7 and 8 per cent, he said in a speech on the eve of the city-state's National Day celebration. The previous target was 5-7 per cent.

Lee said a record 111,000 jobs were added in the first six months of the year and that unemployment is at 2.4 per cent.

“Our efforts to transform our economy are paying off,” he said.

“The global economy is continuing to change. If we keep on adapting and readapting to it, we can keep growing strongly for many more years.”

The continued growth of regional giants China and India and the revival of the Japanese economy are expected to benefit the city-state's trade-reliant economy, the prime minister said.—AFP