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Economists moderate growth forecast for Singapore economy: survey

Xinhua, September 2, 2015 Adjust font size:

Economists have moderated their expectations for several sectors as they are less confident about the growth outlook of Singapore economy this year, according to a quarterly survey released by Monetary Authority of Singapore (MAS) on Wednesday.

The economists polled in the survey said they expect Singapore' s economy to grow by 2.2 percent this year, down from the previous forecast of 2.7 percent in the survey conducted in June.

For the third quarter in 2015, survey respondents said they expect the Gross Domestic Product (GDP) to expand by 2.1 percent. In comparison, the forecast was 2.9 percent in the previous survey.

Manufacturing sector is expected to shrink, contracting 2.7 percent this year. Finance and insurance industry is forecast to grow 6.6 percent, down from 7 percent, while the construction sector is expected to increase 2.3 percent, down from 3.3 percent, and the accommodation and food services sector is expected to see a contraction of 0.1 percent, down from a growth forecast of 1 percent.

However, the forecast for the wholesale and retail trade sector has been revised upwards. The sector is forecast to grow 4.8 percent in 2015, up from 3.3 percent in the previous survey.

Singapore government has already trimmed its growth forecast for 2015 from 2 to 4 percent to 2 to 2.5 percent, noting the uncertainties ahead. The county's export and service-led economy will likely remain under pressure going forward. Endi