Singapore revises up GDP growth forecast to 9%
Singapore said on April 14 that it
forecasts the country’s economy will grow by 7-9 percent this year,
higher than its previous forecast of 4.5-6.5 percent.
Singapore said on April 14 that it
forecasts the country’s economy will grow by 7-9 percent this year,
higher than its previous forecast of 4.5-6.5 percent.
The Singaporean Ministry of Trade and Industry (MTI) said in a statement that it raised the estimate for the growth of the country’s Gross Domestic Product (GDP) after the Southeast Asian economy grew a hefty 13.1 percent in the first quarter of this year.
Remarkably, the country’s manufacturing sector grew 139 percent in the period compared to the modest increase of 29 percent in the fourth quarter of last year.
The construction sector in the first quarter of this year expanded by 11.3 percent year-on-year as well.
The Central Bank of Singapore also delivered a similar statement, saying that the economy will recover more quickly than previously forecast, especially as of early this year.
However, Singapore also revised up its consumer price index (CPI) forecast for this year from 2-3 percent to 2.5-3.5 percent in anticipation of rising commodity prices on the world market./.
The Singaporean Ministry of Trade and Industry (MTI) said in a statement that it raised the estimate for the growth of the country’s Gross Domestic Product (GDP) after the Southeast Asian economy grew a hefty 13.1 percent in the first quarter of this year.
Remarkably, the country’s manufacturing sector grew 139 percent in the period compared to the modest increase of 29 percent in the fourth quarter of last year.
The construction sector in the first quarter of this year expanded by 11.3 percent year-on-year as well.
The Central Bank of Singapore also delivered a similar statement, saying that the economy will recover more quickly than previously forecast, especially as of early this year.
However, Singapore also revised up its consumer price index (CPI) forecast for this year from 2-3 percent to 2.5-3.5 percent in anticipation of rising commodity prices on the world market./.
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