{"id":109878,"date":"2019-08-14T12:32:09","date_gmt":"2019-08-14T05:32:09","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-cuts-economic-forecast-for-this-year\/"},"modified":"2019-08-14T13:03:10","modified_gmt":"2019-08-14T06:03:10","slug":"singapore-cuts-economic-forecast-for-this-year","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-cuts-economic-forecast-for-this-year\/","title":{"rendered":"Singapore cuts economic forecast for this year"},"content":{"rendered":"


\nThe 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).
\nThis comes as global conditions worsened, \u201cpartly due to the escalation in the US-China trade conflict in recent months\u201d.
\nThe ministry noted that the escalation of the trade conflict \u201ccould severely dent global business and consumer confidence, with adverse implications on global trade and global economic growth\u201d.
\nOther downside risks cited by MTI include the slowdown in China, Brexit, the uncertainties in Hong Kong and Japan-South Korea trade dispute.
\nIn Q2 2019, Singapore\u2019s economy contracted by 3.3 percent, down from the 3.8 percent growth registered in the first quarter.
\nOn an annual basis, the economy marginally expanded by 0.1 percent, down from 1.1 percent in the previous quarter.
\nManufacturing as well as wholesale & retail trade emerged as the worst performing sectors as they contracted 3.1 percent and 3.2 percent year-on-year, respectively, in Q2.
\nThe information & communications sector, on the other hand, grew 4.1 percent year-on-year, while the construction sector increased 2.9 percent year-on-year.
\nThe transportation & storage sector and the accommodation & food services sector also grew by 2.2 percent and 0.9 percent, respectively.
\nBut while the Singapore economy is expected to face strong headwinds for the rest of the year, the ministry pointed to several bright spots in the economy.
\n\u201cWithin the manufacturing sector, the aerospace and food & beverage manufacturing segments are expected to continue to do well given firm demand conditions,\u201d it said.
\n\u201cAmong the services sectors, the growth of the information & communications and finance & insurance sectors is projected to remain healthy, bolstered by sustained demand for enterprise IT solutions and increased demand for payment processing services respectively. Meanwhile, the education, health & social services segment\u2019s growth is likely to be resilient, supported by the ramp-up of operations in healthcare facilities.\u201d
\nMTI also expects the recovery in the construction sector to continue.
\nLooking to buy a Singapore home but not sure where to start? Get insight on the best locations for your new home with our\u00a0AreaInsider\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 cuts economic forecast for this year<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Singapore government slashed its full-year economic growth forecast to between zero growth and 1%,...<\/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-109878","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-sAe","jetpack-related-posts":[{"id":107367,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-narrows-gdp-growth-forecast-for-2019\/","url_meta":{"origin":109878,"position":0},"title":"Singapore narrows GDP growth forecast for 2019","date":"May 22, 2019","format":false,"excerpt":"\r The construction sector grew by 2.9 percent year-on-year in Q1 2019.\u00a0 With 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.\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":109878,"position":1},"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":101572,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-q3-economic-growth-disappoints\/","url_meta":{"origin":109878,"position":2},"title":"Singapore Q3 economic growth disappoints","date":"November 23, 2018","format":false,"excerpt":"\r There are concerns that the recent property cooling measures could weigh down on the real estate and construction sectors. Singapore\u2019s gross domestic product (GDP) rose by 3.0 percent quarter-on-quarter on a seasonally-adjusted and annualised basis in Q3 2018, surpassing the previous quarter\u2019s increase of 1.0 percent, reported the Business\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":109878,"position":3},"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":[]},{"id":111596,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-gdp-grew-0-1-in-q3\/","url_meta":{"origin":109878,"position":4},"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":113367,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-posts-slowest-economy-expansion-since-2009\/","url_meta":{"origin":109878,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/109878"}],"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=109878"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/109878\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=109878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=109878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=109878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}