Illustrative photo (Photo: AFP/VNA)

Singapore (VNA) – The Monetary Authority of Singapore (MAS) has raised the forecast of the country’s economic growth in 2017 from 1.5 percent to 2.3 percent.

The forecast came in the context that Singapore obtained a growth rate of 2 percent last year, higher than the previous estimate of 1.4 percent. The result was brought by the 2.9 percent growth in Q4 2016, coming in above the forecast of 0.8 percent in the last survey.

Accordingly, the indicators were raised in manufacturing, finance and insurance as well as wholesale and retail trade, with 4.5 percent, 2 percent and 1.1 percent.

Meanwhile, new forecasts for construction and accommodation, food and service were lower than the previous figure, with 0.3 percent and 1.3 percent.

Singapore’s economy is expected to grow by 2.6 percent in the first quarter of this year. Consumer price index (CPI) and core inflation are projected to come in at 0.8 and 1.3 percent.

The inflation forecast for 2017 remains at 1.0 percent in the latest survey. Experts also said the unemployment rate will be 2.4 percent at year-end.  

The MAS survey is conducted every quarter with opinions of 23 leading Singaporean economists, after detailed data of the three previous months was announced. -VNA