Singapore economy to expand up to 3.7%

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singapore-at nightSingapore’s economy could expand by up to 3.7 per cent in 2013, according to findings from the latest Business Times-UniSIM Business Climate Survey. This is higher than the government’s official 2.5-3.5 per cent forecast, and more than twice the rate of last year’s 1.3 per cent growth.

In fact, the city state could potentially see even faster growth in 2014, since Singapore is now the country most-cited by firms to have the best business prospects going forward – a position held by China for six straight years until it was displaced by Indonesia in 2012.

Of the 166 firms polled from late September to mid-October, 21 per cent named Singapore as the most promising market, 19 per cent chose Indonesia and 15 per cent selected China. This contrasts with last year’s survey results, where the top spot was held by Indonesia (20 per cent), the second by Malaysia (15 per cent) and the third by China (14 per cent).

Even though one-fifth of respondents believe Singapore to be the most promising market for them, the survey’s business prospects indicator showed that overall, companies here remain pessimistic about the next six months – albeit to a lesser degree than they had been a quarter ago.

Business activities continued to improve in the third quarter 2013, even though results from the quarterly survey showed that performance remained in contraction mode.

Singapore’s economy likely expanded more than initially expected in the third quarter as electronics manufacturing rebounded, also lending weight to the view that full-year growth could exceed the government’s target range. GDP grew 5.3 per cent in July-September from a year earlier, according to the median estimate of 15 economists surveyed by Reuters. That would be higher than the official advance estimate of 5.1 per cent reported in October.

Third-quarter GDP was unchanged from April-June on a seasonally adjusted and annualised basis, the poll showed, contrary to the advance estimate of a 1.0 per cent contraction. The data will be reported on November 21.

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Reading Time: 2 minutes

Singapore’s economy could expand by up to 3.7 per cent in 2013, according to findings from the latest Business Times-UniSIM Business Climate Survey. This is higher than the government’s official 2.5-3.5 per cent forecast, and more than twice the rate of last year’s 1.3 per cent growth.

Reading Time: 2 minutes

singapore-at nightSingapore’s economy could expand by up to 3.7 per cent in 2013, according to findings from the latest Business Times-UniSIM Business Climate Survey. This is higher than the government’s official 2.5-3.5 per cent forecast, and more than twice the rate of last year’s 1.3 per cent growth.

In fact, the city state could potentially see even faster growth in 2014, since Singapore is now the country most-cited by firms to have the best business prospects going forward – a position held by China for six straight years until it was displaced by Indonesia in 2012.

Of the 166 firms polled from late September to mid-October, 21 per cent named Singapore as the most promising market, 19 per cent chose Indonesia and 15 per cent selected China. This contrasts with last year’s survey results, where the top spot was held by Indonesia (20 per cent), the second by Malaysia (15 per cent) and the third by China (14 per cent).

Even though one-fifth of respondents believe Singapore to be the most promising market for them, the survey’s business prospects indicator showed that overall, companies here remain pessimistic about the next six months – albeit to a lesser degree than they had been a quarter ago.

Business activities continued to improve in the third quarter 2013, even though results from the quarterly survey showed that performance remained in contraction mode.

Singapore’s economy likely expanded more than initially expected in the third quarter as electronics manufacturing rebounded, also lending weight to the view that full-year growth could exceed the government’s target range. GDP grew 5.3 per cent in July-September from a year earlier, according to the median estimate of 15 economists surveyed by Reuters. That would be higher than the official advance estimate of 5.1 per cent reported in October.

Third-quarter GDP was unchanged from April-June on a seasonally adjusted and annualised basis, the poll showed, contrary to the advance estimate of a 1.0 per cent contraction. The data will be reported on November 21.

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