Singapore grows slightly thanks to stronger manufacturing activities: Reuters poll
Singapore's economy is expected to have grown 0.9 percent in the first quarter on an annual basis, an improvement from earlier estimates, thanks to stronger-than-expected performance in the manufacturing sector, according to a poll of economists by Reuters.
Illustrative photo (Source: VNA)Singapore (VNA) - Singapore's economy is expected to have grown 0.9 percent in the first quarter on an annual basis, an improvement from earlier estimates, thanks to stronger-than-expected performance in the manufacturing sector, according to a poll of economists by Reuters.
Meanwhile, the Singaporean Government previously estimated the country’s gross domestic product (GDP) to go up 0.2 percent in the period.
This year's GDP growth will continue to be driven by the manufacturing and trade-related services sectors, said Alex Loo, macro strategist at TD Securities.
The country’s industrial production in April is forecast by economists to expand 3.4 percent on year, the sixth straight month of increase and following a better-than-expected 7.6 percent rise in March.
The central bank is widely expected to maintain its accommodative stance when it meets for the second of its semi-annual policy announcements in October.
However, the economy faces uncertainties due to the global and local COVID-19 outbreak situation./.
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