Singapore’s Gross Domestic Product (GDP) is forecasted to grow at a slower pace of three percent for the whole of 2014, according to the median forecast of private sector economists who were polled by the Monetary Authority of Singapore (MAS).
This is down from the median forecast of 3.3 percent in the previous survey conducted last September, media reports revealed. But it is still within the government’s growth forecast of 2.5 to 3.5 percent which was published in August.
The lower figure is attributed to the weaker GDP expansion of 2.8 percent in Q3, dwarfing the median forecast of 3.2 percent in the previous poll.
Meanwhile, inflation is expected to moderate for the entire year. Economists predict that the consumer price index will climb by merely 1.1 percent, instead of the 1.8 percent forecast in September
Looking forward, Singapore’s economy is expected to post a slower growth of 3.1 percent in 2015, down from the 3.7 percent forecast in the September, while headline inflation is projected to reach 1.1 percent.
The quarterly survey by MAS involved 22 private sector economists.
Photo by Merlion444; Wikimedia Commons
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories emailmuneerah@propertyguru.com.sg
