{"id":107367,"date":"2019-05-22T12:16:55","date_gmt":"2019-05-22T05:16:55","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-narrows-gdp-growth-forecast-for-2019\/"},"modified":"2019-05-22T13:03:39","modified_gmt":"2019-05-22T06:03:39","slug":"singapore-narrows-gdp-growth-forecast-for-2019","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-narrows-gdp-growth-forecast-for-2019\/","title":{"rendered":"Singapore narrows GDP growth forecast for 2019"},"content":{"rendered":"


\nThe construction sector grew by 2.9 percent year-on-year in Q1 2019.\u00a0
\nWith growth in most regional economies expected to moderate this year, the Ministry of Trade and Industry (MTI) narrowed its gross domestic product (GDP) forecast for 2019 to \u201c1.5 to 2.5 percent\u201d from \u201c1.5 to 3.5 percent\u201d previously.
\nThe downgrade comes as the Singapore economy grew 1.2 percent year-on-year in the first quarter of 2019, slightly lower compared to the 1.3 percent growth registered in Q4 2018.
\nOn a quarter-on-quarter seasonally-adjusted annualised basis, GDP expanded 3.8 percent, a reversal from the previous quarter\u2019s 0.8 percent contraction.
\nManufacturing, which accounts for one-fifth of the economy, eased 0.5 percent year-on-year, a reversal from the 4.6 percent growth registered in the preceding quarter.
\nThe construction sector, on the other hand, registered its first quarter of year-on-year growth following 10 consecutive quarters of contraction. The sector grew 2.9 percent year-on-year in Q1 2019, a turnaround from the 1.2 percent drop seen in the previous quarter, as construction output improved due to an increase in private sector and public sector construction works.
\nMTI noted that the global growth outlook continued to be clouded by uncertainties and downside risks.
\nIt pointed to the risk of a further escalation in the trade conflicts between the US and China, following the recent trade actions taken by the two countries.
\n\u201cShould this happen and trigger a sharp fall in global business and consumer confidence, investments and consumption could decline, thereby adversely affecting global growth.\u201d
\nWith this, MTI expects key outward-oriented sectors in the Singapore economy to slow this year.
\nThe manufacturing sector will likely witness a sharp slowdown in growth while the wholesale trade and transportation & storage sectors are expected to ease.
\n\u201cNonetheless, there remain pockets of strength in the Singapore economy,\u201d it said.
\nThe information & communications sector, for instance, is projected to remain healthy, while the education, health & social services segment\u2019s growth will likely be resilient.
\nThe construction sector is also expected to see a \u201csustained turnaround after three consecutive years of contraction, as the pickup in contracts awarded since the second half of 2017 is expected to continue to translate into construction activities for the rest of the year\u201d.
\nCheck out PropertyGuru\u2019s\u00a0properties for rent!\u00a0Alternately, refer to our other\u00a0handy rental guides,\u00a0or read more about\u00a0the hottest areas to live in with PropertyGuru\u2019s AreaInsider.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore narrows GDP growth forecast for 2019<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The construction sector grew by 2.9 percent year-on-year in Q1 2019.\u00a0 With growth in most...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-107367","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-rVJ","jetpack-related-posts":[{"id":115192,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mti-downgrades-2020-growth-forecast-as-q1-gdp-fell-by-2-2\/","url_meta":{"origin":107367,"position":0},"title":"MTI downgrades 2020 growth forecast as Q1 GDP fell by 2.2%","date":"March 27, 2020","format":false,"excerpt":"\r The revised growth forecast comes as MTI\u2019s advanced estimates showed that the economy contracted 2.2% year-on-year during the first quarter of 2020. The Ministry of Trade and Industry (MTI) has downgraded its 2020 GDP forecast to between -4% and -1% \u2013 a fall from the -0.5% to 1.5% range\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111596,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-gdp-grew-0-1-in-q3\/","url_meta":{"origin":107367,"position":1},"title":"Singapore GDP grew 0.1% in Q3","date":"October 15, 2019","format":false,"excerpt":"\r This means Singapore narrowly avoided a technical recession, which is defined as two consecutive quarters of economic decline. The Singapore economy grew 0.1 percent on a year-on-year basis in the third quarter of 2019, which is the same pace of growth seen in the previous quarter, showed advanced estimates\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109000,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-gdp-growth-slows-to-0-1-in-q2-2019\/","url_meta":{"origin":107367,"position":2},"title":"Singapore GDP growth slows to 0.1% in Q2 2019","date":"July 15, 2019","format":false,"excerpt":"\r While the economy grew by 0.1 percent in the second quarter, it\u2019s still lower than the 1.1 percent growth recorded in the previous quarter. Although the manufacturing sector declined by 3.8 percent, both the construction and services-producing sectors an improvement of 2.2 and 1.2 percent respectively.\u00a0\u00a0 The Singapore economy\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":117800,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-enters-recession-after-gdp-contracts-12-6-in-q2\/","url_meta":{"origin":107367,"position":3},"title":"Singapore enters recession after GDP contracts 12.6% in Q2","date":"July 14, 2020","format":false,"excerpt":"\r On a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank 41.2% in Q2 2020. Singapore has entered into recession after its economy contracted 12.6% on a year-on-year basis in the second quarter of 2020, due to the implementation of the circuit breaker measures from 7 April to 1 June to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113367,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-posts-slowest-economy-expansion-since-2009\/","url_meta":{"origin":107367,"position":4},"title":"Singapore posts slowest economy expansion since 2009","date":"January 3, 2020","format":false,"excerpt":"\r Singapore economy expanded by 0.7% in 2019, which is significantly lower than the 3.1% growth recorded in 2018.\u00a0 Singapore\u2019s economy experienced the slowest growth in a decade last year, growing by a marginal 0.7%. This pales in comparison to the 3.1% growth recorded in 2018, reported Channel News Asia,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112546,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mti-sees-gdp-growth-forcast-in-2019-and-2020\/","url_meta":{"origin":107367,"position":5},"title":"MTI sees GDP growth forcast in 2019 and 2020","date":"November 22, 2019","format":false,"excerpt":"\r Singapore\u2019s economy is expected to have a growth of \u201c0.5 to 2.5%\u201d in 2020. The Ministry of Trade and Industry (MTI) expects that the Singapore economy to grow by 0.5 to 1.0% this year and by 0.5 to 2.5%\u201d in 2020, according to a report released on Thursday (Nov\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/107367"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=107367"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/107367\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=107367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=107367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=107367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}