15Jun
sgx2

Economists trim 2016, 2017 Singapore growth forecasts

SINGAPORE:

  • Economists trimmed their forecasts for Singapore’s 2016 and 2017 growth, while downgrading their views on exports as well as private consumption for this year, a central bank survey showed on Wednesday.
  • The median forecast of 22 economists surveyed by the Monetary Authority of Singapore (MAS) was for gross domestic product (GDP) to grow 1.8% in 2016, down from the 1.9% expected in the previous survey published in March.
  • The median forecast for GDP growth in 2017 was also lowered to 2.1%, down from 2.5% in the previous survey.
  • The government expects full-year GDP growth of 1.0%-3.0% this year.
  • Economists’ median forecast for non-oil domestic exports was for a contraction of 2.1% in 2016, down from the previous forecast for growth of 0.2%.
  • In late May, Singapore slashed its export forecasts for this year after the trade-reliant economy barely grew in the first quarter, heightening uncertainty over the economic outlook.
  • The median forecast for private consumption was cut to 2.5% growth this year, from 3.2% growth in the previous survey.
  • The manufacturing sector was not expected to grow at all this year, still an improvement from the previous median forecast for a contraction of 2.7%.
  • Economists also lowered their forecasts on the all-items consumer price index (CPI). However, they kept unchanged their outlook for core inflation, which is seen as the focus of the central bank’s monetary policy.

For more information about SGX stock market please feel free to visit EPIC RESEARCH PTE LTD.

Share this Story

About epicsingapore

Leave a Reply

Your email address will not be published. Required fields are marked *

*

© Copyright 2013, All Rights Reserved, Epic Research Pvt. Ltd.