Singapore Economy Expected To Grow 5.5% In 2010: MAS Survey

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Singapore's economic growth estimate for 2010 was revised up to 5.5% from 4.5%, the latest quarterly survey of professional forecasters conducted by the Monetary Authority of Singapore showed Wednesday.

The 20 economists who responded to the survey estimate the economy to shrink 2% in 2009 compared with the median forecast of a 3.6% decline as reported in the previous survey. The growth estimate for the fourth quarter was also raised to 4.7% from 1.9%. At the same time, the survey showed that the growth in the third quarter was 0.6%, better than the median forecast of a 3% contraction as reported in the September survey.

The manufacturing sector is forecast to fall 3.4% this year, while construction is expected to surge 16.5%. At the same time, decrease in financial services is seen at 0.9%. Further, the respondents estimate private consumption and non-oil domestic exports to fall 1.8% and 12%, respectively in 2009.

Consumer prices will probably increase 0.3% in 2009, compared to the previous estimate of flat growth. Inflation is projected to remain unchanged in the fourth quarter. Further, as for the labor market, the respondents expect the unemployment rate to be 3.4% by year-end, lower than the 3.8% reported in the survey before.

Singapore's economic growth estimate for 2010 was revised up to 5.5% from 4.5%, the latest quarterly survey of professional forecasters conducted by the Monetary Authority of Singapore showed Wednesday. (Market News Provided by RTTNews)