Tag Archives: Economy

Singapore economy to grow 3.3% this year

The Monetary Authority of Singapore’s (MAS) survey showed that analysts expect Singapore’s economy to grow 3.3 percent year-on-year in 2017, up from the earlier forecast of 2.5 year-on-year in September, reported Singapore Business Review.

In terms of indicators, analysts were more bullish on the manufacturing sector which is expected to expand 10.6 percent year-on-year, finance and insurance (3.7 percent year-on-year) as well as wholesale and retail trade (1.7 percent year-on-year).

The construction sector’s outlook, however, turned sourer as it dropped from -4.2 percent year-on-year to -7.6 percent year-on-year.

Meanwhile, 47 percent of the respondents believe the electronics sector offers a strong potential upside for the economy.

External growth and property market recovery are cited by 40 percent and 27 percent of the respondents, respectively. Exports upswing, on the other hand, accounted for 13 percent of all responses, down from 35 percent during the previous survey.

Although the composition of the top three downside risks from the September survey remained the same, more respondents, at 67 percent, felt the Chinese economic slowdown poses a significant potential downside.

Global trade protectionism and geopolitical uncertainty in the Middle East and North Korea continue to be major concerns.

The survey revealed that 40 percent of the respondents expect them to hinder economic growth, down from September’s 47 percent.

 

This article was edited by Keshia Faculin.

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S’pore economy to grow up to 3.5% in 2017

Singapore’s gross domestic product (GDP) is forecasted to rise between three percent and 3.5 percent for the whole of 2017, while next year could see a growth of 1.5 percent to 3.5 percent, said the Ministry of Trade and Industry (MTI) on Thursday, 23 November 2017.

For the first three quarters of the year, the economy expanded by 3.5 percent on an annual basis. That for Q3 2017 increased by 5.2 percent, surpassing the 2.9 percent gain in the prior quarter.

On a seasonally-adjusted basis, the city-state’s GDP increased by 8.8 percent during the quarter, exceeding the 2.2 percent uptick in Q2 2017.

“The Singapore economy performed better than expected in the third quarter. Growth was primarily supported by externally-oriented sectors such as manufacturing, finance & insurance, wholesale trade and transportation & storage sectors,” it said.

However, the construction industry declined by 7.6 percent year-on-year compared to the 9.1 percent fall in the preceding quarter due to sluggish building activities in both the private and public sectors. On a seasonally-adjusted basis, it contracted by 5.3 percent versus a drop of 5.9 percent during the second quarter.

Likewise, the accommodation & food services segment dipped by 2.1 percent on an annual basis extending the two percent fall in the previous quarter due to weakness in the industry.  Nevertheless, it rose by 4.1 percent on a seasonally-adjusted basis, reversing the 1.1 percent slide in the preceding quarter.

 

This article was edited by Keshia Faculin.

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