Singapore’s GDP forecast to grow 3.8% in 2014

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OrchardRoadEconomists and analysts in private sector are more cautious for the economy growth of Singapore this year, lowering their forecast for the GDP growth this year to 3.8 per cent compared with the previous forecast of 3. 9 per cent in December 2013.

The figure was announced on March 19 in a survey conducted quarterly by the Monetary Authority of Singapore (MAS), the city state’s central bank.

Singapore’s economy expanded by 5.5 per cent in the fourth quarter of last year, which was higher than the median forecast of 4.7 per cent in the survey of last December. The city-state’s authorities have maintained its forecast for the whole year growth of 2014 at 2 to 4 per cent, which is in line with the survey of the MAS.

For the first quarter of 2014, the respondents of the MAS survey expect GDP to grow by 5.3 per cent, a slight downgrade from the earlier 5.5 per  cent forecast. For the whole year, the slip of the growth forecast was due to softer growth expectations for all sectors within the economy, except the manufacturing sector, which saw higher growth rate of 5 per cent comparing with the 4.5 per cent in last survey.

Non-oil domestic exports, a key gauge of the export performance of the small and highly open economy, are also projected to expand at a slower pace of 4.2 per cent in 2014, down from 5.4 per cent in the last survey. The median CPI inflation forecast for 2014 remained unchanged at 2.8 per cent in the latest survey. The respondents also expect MAS Core Inflation, which excludes the costs of accommodation and private road transport, to be 2.4 per cent, higher than the 2.3 per cent reported in the previous survey.

For 2015, the respondents expect GDP growth to reach at 3.8 per cent, while headline inflation and core inflation are projected to come in at 2.6 and 2.4 per cent respectively.

Singapore has been through a new round of economic restructure in recent years, facing challenges of productivity improvement while the tightening of its migrant workforce. Its economy expanded by 4.1 per cent in 2013, out of market’s expectation and much higher than the 1.9 per cent growth in 2012.

 

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Reading Time: 2 minutes

Economists and analysts in private sector are more cautious for the economy growth of Singapore this year, lowering their forecast for the GDP growth this year to 3.8 per cent compared with the previous forecast of 3. 9 per cent in December 2013.

Reading Time: 2 minutes

OrchardRoadEconomists and analysts in private sector are more cautious for the economy growth of Singapore this year, lowering their forecast for the GDP growth this year to 3.8 per cent compared with the previous forecast of 3. 9 per cent in December 2013.

The figure was announced on March 19 in a survey conducted quarterly by the Monetary Authority of Singapore (MAS), the city state’s central bank.

Singapore’s economy expanded by 5.5 per cent in the fourth quarter of last year, which was higher than the median forecast of 4.7 per cent in the survey of last December. The city-state’s authorities have maintained its forecast for the whole year growth of 2014 at 2 to 4 per cent, which is in line with the survey of the MAS.

For the first quarter of 2014, the respondents of the MAS survey expect GDP to grow by 5.3 per cent, a slight downgrade from the earlier 5.5 per  cent forecast. For the whole year, the slip of the growth forecast was due to softer growth expectations for all sectors within the economy, except the manufacturing sector, which saw higher growth rate of 5 per cent comparing with the 4.5 per cent in last survey.

Non-oil domestic exports, a key gauge of the export performance of the small and highly open economy, are also projected to expand at a slower pace of 4.2 per cent in 2014, down from 5.4 per cent in the last survey. The median CPI inflation forecast for 2014 remained unchanged at 2.8 per cent in the latest survey. The respondents also expect MAS Core Inflation, which excludes the costs of accommodation and private road transport, to be 2.4 per cent, higher than the 2.3 per cent reported in the previous survey.

For 2015, the respondents expect GDP growth to reach at 3.8 per cent, while headline inflation and core inflation are projected to come in at 2.6 and 2.4 per cent respectively.

Singapore has been through a new round of economic restructure in recent years, facing challenges of productivity improvement while the tightening of its migrant workforce. Its economy expanded by 4.1 per cent in 2013, out of market’s expectation and much higher than the 1.9 per cent growth in 2012.

 

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