Wednesday, March 20, 2013

Singapore economy to grow by 2.8% in 2013: MAS survey

File Photo of Singapore's financial district.
Private sector economists expect the Singapore economy to grow by 2.8 per cent this year -- slightly higher than their previous estimate of 2.7 per cent released in December 2012.

The latest median estimate is at the higher end of the government's gross domestic product (GDP) growth forecast of around one to three per cent in 2013.

In a quarterly survey conducted by the Monetary Authority of Singapore (MAS), private sector forecasters expect a 0.8 per cent growth for the Singapore economy in the first quarter of 2013 -- a slight downgrade from an earlier estimate of 1.2 per cent growth.

Meanwhile, full-year inflation is expected to come in at 3.8 per cent for 2013. That is within the central bank's estimated CPI All-Items inflation range of between 3.5 and 4.5 per cent for the year.

The respondents also expect MAS Core Inflation, which excludes the costs of accommodation and private road transport, to come in at 2.0 per cent. This is slightly lower than the 2.2 per cent reported in the previous survey.

Meanwhile, the unemployment rate is seen at 2.0 per cent by year-end.

For 2014, economists expect Singapore's gross domestic product to reach 4.0 per cent, while inflation is pegged at 3.4 per cent. 

Around 21 economists and analysts, who closely monitor the Singapore economy, participated in the latest MAS survey.-Channel News Asia (March 20, 2013)

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