13:38 | 21/06/2015 Global Economy
Economists have slightly lowered their forecasts for Singapore’s 2015 growth to 2.7 percent from the earlier 2.8 percent, according to a survey conducted by the Monetary Authority of Singapore (MAS).
The survey revealed that construction and trade are expected to grow by 3.3 percent, up from 2 percent and 2.2 percent from previous surveys.
However, economists slashed their growth forecasts for the manufacturing sector to 0.5 percent, down from earlier expectations of 1.8 percent. Growth in the industry, finance and insurance sectors are estimated at 0.5 percent lower to stand at 7 percent. Meanwhile, housing and food services is predicted to expand by 1 percent, falling from 2.3 percent.
According to the MAS, economists expect a zero percent inflation rate for the whole year, compared to 0.1 percent previously. Core inflation, which not includes house and car prices, was foreseen at 1 percent, remaining unchanged from the former survey.
The MAS report said that gross domestic product (GDP) growth in the second quarter will be 2.7 percent, sliding from 2.9 percent, but GDP for all of 2016 is expected to reach 3 percent.
The MAS carries out its survey quarterly after three-month detailed economic data is unveiled. The latest report was conducted based on the analysis of 23 leading economists./.