ZCZC
BCN-20
SINGAPORE-GDP-GROWTH
Singapore’s GDP growth slows down to 2.2 pct in Q3
SINGAPORE, Nov. 23, 2018 (BSS/Xinhua) — Singapore’s Ministry of Trade and
Industry (MTI) said on Thursday that the city state’s economy grew by 2.2
percent year-on-year in the third quarter of 2018, compared to 4.1 percent in
the preceding quarter.
In the first three quarters, Singapore’s gross domestic products (GDP)
growth was 3.6 percent on a year-on-year basis.
The ministry said Singapore’s GDP growth is expected to moderate but remain
firm in the remaining quarter of this year, and the 2018 GDP growth forecast
for Singapore is 3.0 to 3.5 percent.
As for 2019, the MTI forecasts that Singapore will see slightly weaker
external demand in 2019 as compared to 2018, which will make Singapore’s
economic growth to moderate next year. Meanwhile, some of Singaporean
industries, including information and communications, education, and health
and social services, are expected to remain resilient, and the construction
industry is projected to improve next year.
Taking into account the global and domestic economic environment, the MTI
said the Singapore economy is expected to grow by 1.5 to 3.5 percent in 2019.
Selena Ling, head of Treasury Research & Strategy of OCBC Bank, said the
bank’s forecast for Singapore’s 2019 GDP growth is 2.7 percent, which is a
slowdown from the 3.3-percent economic growth forecast for this year.
She said Singapore will likely see a more challenging growth trajectory in
2019, especially in the second half of 2019, mainly due to “the expected U.S.
growth moderation, the weaker demand conditions in the global semiconductor
cycle and the moderation in growth in key markets including ASEAN.”
BSS/XINHUA/HR/1440