{"id":109047,"date":"2019-07-16T12:41:13","date_gmt":"2019-07-16T05:41:13","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-economic-growth-to-drop-to-0-9-by-year-end\/"},"modified":"2019-07-16T13:04:10","modified_gmt":"2019-07-16T06:04:10","slug":"singapore-economic-growth-to-drop-to-0-9-by-year-end","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-economic-growth-to-drop-to-0-9-by-year-end\/","title":{"rendered":"Singapore economic growth to drop to 0.9% by year-end"},"content":{"rendered":"


\nFitch Solutions expects Singapore\u2019s economic growth to fall to 0.9 percent by the end of the year, a reversal from its earlier forecast of 2.2 percent growth, reported Singapore Business Review.
\nThis comes after GDP growth shrank 3.4 percent quarter-on-quarter but increased by a measly 0.1 percent in the second quarter, after registering a 1.1 percent growth in the first quarter.
\nThe manufacturing sector continued to slow, contracting 3.8 percent following a 0.4 percent decline in the previous quarter. The construction sector and the services sector, on the other hand, expanded 2.2 percent and 1.2 percent respectively.
\n\u201c[T]he risk of a technical recession is increasing and could materialise if our expectations for a modest recovery in H219 does not play out,\u201d said Fitch Solutions in a report. Technical recession occurs when economic growth contracted for two straight quarters on a quarter-on-quarter basis.
\nWith the increasing downside risks, the government will likely step in to provide fiscal support on top of handouts unveiled during the budget address in February.
\n\u201cFor now, handouts to Singapore citizens have yet to be fully delivered and, when delivered, we could see a rebound in domestic demand in the second part of the year, albeit at a sluggish pace.\u201d noted Fitch Solutions.
\nSeveral megaprojects that are set to commence in the second part of 2019 are expected to support the resilient construction sector, it added.
\nMoreover, the Monetary Authority of Singapore (MAS) may be compelled to ease monetary policy by flatting the Singapore dollar\u2019s nominal effective exchange rate (S$NEER) slope to a zero degree of appreciation at its October bi-annual meeting.
\n\u201cWhile we have held the view since the beginning of the year that MAS would stand pat in 2019, after increasing the slope of the S$NEER twice in 2019, the slowdown in Singapore\u2019s external and manufacturing sectors poses substantial risks to our view, and we will probably revise it over the coming weeks,\u201d said Fitch Solutions.
\n\u201cSuch a revision would imply a weaker Singapore dollar, which would help to support the external sector.\u201d
\nHome buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nFiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email\u00a0fiona@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore economic growth to drop to 0.9% by year-end<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch Solutions expects Singapore\u2019s economic growth to fall to 0.9 percent by the end of...<\/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-109047","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-smP","jetpack-related-posts":[{"id":111748,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-economy-expected-to-have-0-5-growth-in-2019\/","url_meta":{"origin":109047,"position":0},"title":"Singapore\u2019s economy expected to have 0.5% growth in 2019","date":"October 21, 2019","format":false,"excerpt":"\r Meanwhile, MAS expects global economic growth in 2019 to slow down \u201cdiscernibly\u201d and then stabilise in 2020 \u201cbarring further shocks\u201d. Singapore\u2019s economy is expected to grow 0.5 percent in 2019, with the 2020 growth prediction being below consensus at one percent, reported Singapore Business Review citing Bank of America\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":109047,"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":108888,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-building-sector-to-grow-3-2-in-2019\/","url_meta":{"origin":109047,"position":2},"title":"Singapore\u2019s building sector to grow 3.2% in 2019","date":"July 11, 2019","format":false,"excerpt":"\r Fitch Solutions expects Singapore\u2019s building sector to grow by 3.2 percent this year and 2.3 percent in 2020, on the back of strong pipeline of planned buildings. Singapore Business Review reported that the firm attributed the faster pace of growth to the residential buildings sector, which it forecasts will\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"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":109047,"position":3},"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":109878,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-cuts-economic-forecast-for-this-year\/","url_meta":{"origin":109047,"position":4},"title":"Singapore cuts economic forecast for this year","date":"August 14, 2019","format":false,"excerpt":"\r The Singapore government slashed its full-year economic growth forecast to between zero growth and 1%, from its previous projection of between 1.5% and 2.5%,\u00a0the Ministry of Trade and Industry (MTI) said on Tuesday (13 August). This comes as global conditions worsened, \u201cpartly due to the escalation in the US-China\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":109047,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/109047"}],"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=109047"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/109047\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=109047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=109047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=109047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}