Singapore’s economy to weaken in third quarter: MAS
Private sector economists expect Singapore's economy to weaken further in the third quarter with a gross domestic product growth forecast of 1%, according to the quarterly survey by the Monetary Authority of Singapore (MAS) released on September 6.
Singapore (VNA) –Private sector economists expect Singapore's economy to weaken further in thethird quarter with a gross domestic product growth forecast of 1%, according to thequarterly survey by the Monetary Authority of Singapore (MAS) released onSeptember 6.
Regarding key indicators,non-oil domestic exports (Nodx) posted the sharpest decline and are expected tofall by 10.5% in the third quarter while the manufacturing sector, whichaccounts for more than a fifth of the Singapore economy, is forecast to post a4.4% year-on-year decrease.
The decline is attributed to a decrease in external demand, especially for electronics - the semiconductor industry in particular.
The survey expects finance and insurance to record amuch smaller growth of 0.7 % year-on-yeardue to the dual challenges of a high-interest rate environment and weak loandemand.
Wholesale and retail trade isforecast to edge higher to 1.3% year-on-year from 0.8%, and accommodation and foodservices dip to 8.8% after peaking at 10% in the second quarter.
These sectors are forecast todecline further as the boost from the reopening of the economy is fading.
For 2024, the economic forecast remained unchanged 🌺at2.5%, given the potentially lowerbase of comparison with 2023./.
The Singapore economy grew by 7.6 percent in 2021, compared to a previous estimate of 7.2 percent, the Ministry of Trade and Industry (MTI) has said, while the growth forecast for this year has been maintained at 3-5 percent.
Singapore’s economy grew 4.4% in the third quarter of 2022, compared to the same period last year, according to estimates released by the government on October 14.
The Singapore economy is projected to slow further in 2023 amid growing challenges in the external environment, according to the latest report of the Monetary Authority of Singapore (MAS).
Singapore’s economy grew by 0.4% on a year-on-year basis in the first quarter of 2023, lower than the 2.1% expansion in the previous quarter, the Ministry of Trade and Industry announced on May 25.
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Illustrative image (Photo: The Star) 
