SINGAPORE: The Republic's economy is expected to grow by 3.3 per cent this year, according to a quarterly survey of economists released by the Monetary Authority of Singapore (MAS) on Wednesday (Sep 10).
The figure is down from the 3.8 per cent forecasted in the previous survey done three months ago, after gross domestic product (GDP) growth in the second quarter was lower than expected. GDP grew 2.4 per cent in the second quarter, lower than the median forecast of 3.3 per cent reported in the June survey.
The latest estimates are in line with the official growth forecast of 2.5 to 3.5 per cent, which was announced in August. This was a narrowing from the earlier range of 2 to 4 per cent.
Economists pegged GDP growth for the third quarter at 3.2 per cent, lower than the 3.5 per cent forecasted in the previous survey.
Manufacturing is now expected to grow by 4.2 per cent this year, down from the 5.6 per cent in the previous survey, while wholesale and retail trade will likely expand by 2.6 per cent versus the earlier 4.9 per cent, according to the survey.
Inflation is expected to slow, with the economists forecasting consumer price index (CPI) to come in at 1.8 per cent for the full year, down from the 2.2 per cent forecast in June. Core inflation - which excludes accommodation and car prices - is expected at 2.2 per cent, down from 2.4 per cent in the previous survey.
Looking further ahead, economists expect GDP will expand by 3.7 per cent in 2015, down from the 3.9 per cent in the June survey. Headline inflation and MAS core inflation are forecast to be 2.2 per cent and 2.5 per cent respectively.
The MAS Survey of Professional Forecasters is conducted every quarter after the release of detailed economic data for the preceding three months. The median forecasts in the latest report were based on the estimates of 22 economists, MAS said.
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