Singapore: 2017 growth rate revised down

Pedestrians walk along the Orchard Road shopping district in Singapore. (Source: wsj.com)

Singapore (VNA) – Analysists lowered Singapore’s economic growth forecast in 2017 from 2.1 percent to 1.8 percent, equal to the level of 2016, following the results of a survey conducted by the Monetary Authority of Singapore.

The growth rate is recommended based on the analysis of growth indicators in the field of manufacturing, service, construction as well as the unemployment and inflation rates of Singapore’s economy from the beginning of this year until now and forecasts for the remaining months.

Experts still kept the growth level of the national economy at 1.8 percent this year regardless Singapore’s GDP grew only 0.1 percent in the second quarter, a sharp decrease from the previous predicted level of 2 percent.

Besides that, they predicted a growth of 0.7 percent in manufacturing and a 2.1 percent rate for wholesale and retail trade.

The financial and insurance sectors, however, grew by only 2 percent, a decrease from a forecast of 2.9 percent last quarter.

Growth forecast in construction was also revised down from 3.3 percent to 3 percent while drinking and eating and housing downed from 1.8 to 1.4 percent.

The survey also indicated that inflation remains low and the consumer price index will be minus 0.5 percent for the whole year.

Economic experts also estimated that the unemployment rate at the end of the year will stand at 2.2 percent.-VNA