Gross domestic product grew an annualized, seasonally adjusted 32.1 percent in the first quarter, led by a 139 percent jump in industrial production, the Trade and Industry Ministry said Wednesday.
The economy grew 13.1 percent in the first quarter from the same period a year ago, and the government boosted its 2010 GDP forecast to between 7 percent and 9 percent from between 4.5 percent and 6.5 percent, the ministry said.
Singapore's strong GDP numbers suggest Asia has emerged from last year's recession as a leading driver of global economic growth.
The city-state was the first Asian country to report first quarter GDP results, while China is scheduled to do so Thursday.
"The recovery of the Singapore economy has been stronger than expected and more entrenched since the beginning of this year," the central bank said.
"Looking ahead, domestic economic activity is likely to be sustained at a relatively high level."
The bank, known as the Monetary Authority of Singapore, said Wednesday that it has shifted its exchange rate policy from a 0 percent appreciation of the Singapore dollar to a "modest and gradual" appreciation in a bid to dampen inflation.
The government also raised its inflation forecast for this year by 0.5 percentage points to between 2.5 percent and 3.5 percent.
"Inflationary pressures are likely to pick up, driven by rising global commodity prices," the bank said.
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