Private-sector economists have maintained their growth forecast for the Singapore economy this year at 3.2 per cent though downside risks including trade protectionism continued to loom large, the latest quarterly survey from the Monetary Authority of Singapore (MAS) showed on Wednesday (Sep 5).
This forecast falls within the Government’s estimates for full-year gross domestic product (GDP) to come in between 2.5 and 3.5 per cent. Official data released last month showed second-quarter GDP coming in at a slightly better-than-expected 3.9 per cent from a year ago.
Compared to the last survey in June, the outlook for some economic indicators has brightened.
For one, experts expect the manufacturing sector to remain a key driver of the economy, with full-year growth estimated to be 7.6 per cent – a significant upgrade from the previous survey’s 5.3 per cent.
This comes as the sector, which accounts for one fifth of the economy, beat expectations to grow 10.2 per cent in the second quarter.
“Manufacturing continues to surprise to the upside with external demand remaining pretty firm,” said Standard Chartered economist Jonathan Koh. Channel NewsAsia
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