Singapore (VNA) - Singapore's economy will grow by 5.8 percent this year, higher than the 5.5 percent expansion predicted earlier, a quarterly survey by the Monetary Authority of Singapore (MAS) has found.
For this year, construction was seen as the sector that will expand the most, followed by accommodation and food services. Manufacturing was projected to grow by 4.7 percent, more than the previous median estimate of 4.5 percent.
Growth in private consumption was estimated at 7.9 percent, less than the earlier forecast of 8.5 percent, but non-oil domestic exports (Nodx) growth was raised to 6.9 percent from 4 percent.
Inflation, as measured by the consumer price index for all items, was forecast at 0.9 percent this year, while MAS core inflation - that excludes volatile components of accommodation and private transport - was expected to come in at 0.7 percent.
Last month, the Ministry of Trade and Industry (MTI) left unchanged its forecast for Singapore's GDP to grow between 4 percent and 6 percent. This would make it the fastest growth since 2011, when the economy grew by 6.3 percent.
However, it comes off a particularly low base as MTI estimates the economy shrank 5.4 percent last year in its worst recession driven by the coronavirus pandemic./.
For this year, construction was seen as the sector that will expand the most, followed by accommodation and food services. Manufacturing was projected to grow by 4.7 percent, more than the previous median estimate of 4.5 percent.
Growth in private consumption was estimated at 7.9 percent, less than the earlier forecast of 8.5 percent, but non-oil domestic exports (Nodx) growth was raised to 6.9 percent from 4 percent.
Inflation, as measured by the consumer price index for all items, was forecast at 0.9 percent this year, while MAS core inflation - that excludes volatile components of accommodation and private transport - was expected to come in at 0.7 percent.
Last month, the Ministry of Trade and Industry (MTI) left unchanged its forecast for Singapore's GDP to grow between 4 percent and 6 percent. This would make it the fastest growth since 2011, when the economy grew by 6.3 percent.
However, it comes off a particularly low base as MTI estimates the economy shrank 5.4 percent last year in its worst recession driven by the coronavirus pandemic./.
VNA
