According to a survey report released by the Monetary Authority of Singapore (MAS) on Wednesday (4 Sep), Channel NewsAsia (CNA) reports that the forecast made by private sector banks and economists regarding the Singapore’s economic growth in 2019 fell by a margin.
Down from the earlier estimate made in the month of June, which was 2.1%, the economy is now expected to grow at 0.6% this year.
Statistical projections also show the economy will most likely grow in between 0.5 per cent and 0.9 per cent this year – lower than the findings from the previous survey of between 2.0 per cent and 2.4 per cent as reported by CNA.
The industries impacted due to the slowdown –
- Manufacturing sector: Decline rate of 2.4%, previously estimated at 0.2%
- Wholesale & retail trade: Decline rate of 2.8%, previously estimated at 0.3%
- Construction industry: Decline rate of 2.7%, previously estimated at 3.5%
- Accommodation & food services: Growth rate of 0.8%, previously estimated at 1.4%
- Non- oil domestic exports: Decline by 9.2%, previous fall estimate of 2.1%
The industry that bucked the odds and gained from the situation –
- Finance & Insurance industry: Growth rate of 4.3%, previously estimated at 3.8%
The survey report is based on responses from 23 economists and analysts, and does not represent MAS’ views and forecasts.