S'pore's economy may grow 3% this year: MAS survey
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SINGAPORE: Private sector economists expect the Singapore economy to grow by 3 per cent in 2012.
That's an upgrade from their previous forecast of a 2.5 per cent growth, according to the latest Monetary Authority of Singapore (MAS) survey of professional forecasters released on Wednesday.
Despite the upgrade in growth outlook, the economists expect significant downside risks to remain.
They have trimmed growth forecast for the financial services sector to 2.7 per cent, from 4 per cent in the earlier survey in March 2012.
Growth for the wholesale and retail trade sector was also revised downwards from 2.2 per cent to 1.9 per cent.
Meanwhile, manufacturing sector growth was largely unchanged at 3 per cent.
The economists upgraded their growth projections for the construction as well as accommodation and food services sectors.
Construction sector is expected to expand 6.2 per cent, compared to 1.7 per cent in the last survey.
Growth in the accommodation and food services sector was revised from 3.8 per cent to 4.5 per cent.
The economists also upgraded the second quarter growth forecast for Singapore.
They expect gross domestic product to expand by 2.8 per cent in Q2, up from 2.5 per cent previously.
Inflation forecast for the year is expected to come in at 4.2 per cent, an increase from the 3.5 per cent reported in the last survey.
A total of 25 economists and analysts were polled for the June survey.
- CNA/ck -
huat ah.
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the only group huat ah is THEM...not us..
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yep so reason to increase salaries mah