Singapore’s GDP is forecasted to grow 3.8 percent in 2014, according to economists in a quarterly Monetary Authority of Singapore (MAS) survey.
This is an adjustment from the 3.9 percent growth predicted in the previous survey released in December.
The government’s 2014 forecast for Singapore’s GDP is between two to four percent.
The survey revealed that GDP was likely to grow by 5.3 percent in Q1 2014 alone. The previous projection was 5.5 percent.
There was no change in predictions for the Consumer Price Index (CPI), which is slated to rise 2.8 percent year-on-year in 2014.
Core inflation is expected to go up over the next few quarters, as companies face rising cost pressures to increase wages. In 2014, core inflation is predicted to average two to three percent.
The survey results were collated from 22 private-sector economists.
In 2013, Singapore’s GDP grew by 4.1 percent, exceeding economists’ estimate of 3.8 percent.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
Related Stories:
S’pore is 3rd global city for super-rich
Expat focused surveys not reflective of costs for locals: Tharman
Forbes: Singapore’s richest in 2014