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Singapore's economy expected to grow by 2.2 pct in 2016

Xinhua, December 9, 2015 Adjust font size:

Economists expect Singapore's economy to grow by 2.2 percent in 2016, although manufacturing sector is likely to continue contracting, according to a quarterly survey released by Monetary Authority of Singapore (MAS) on Wednesday.

Manufacturing is expected to contract next year with the median forecast of a 1.2 percent drop, while finance and insurance industry is expected to post the highest growth of 5.9 percent, followed by the wholesale and retail trade sector with a 4 percent growth and the construction sector with a 1.2 percent growth, according to the survey.

For economic growth in 2015, economists who responded to MAS's survey said the economy is expected to grow by 1.9 percent, lower than the 2.2 percent median forecast in the previous survey.

As Singapore's GDP growth in the third quarter of 2015 was weaker than expected, economists also moderated forecast for the fourth quarter, with the median forecast coming to 1.4 percent.

Survey of Professional Forecasters is conducted by MAS every quarter after the release of detailed economic data for the preceding three months. The latest survey received responses from 22 economists, according to MAS. Enditem