{"id":110503,"date":"2019-09-05T10:33:12","date_gmt":"2019-09-05T03:33:12","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/2019-growth-forecast-for-singapores-economy-slashed-to-0-6\/"},"modified":"2019-09-05T11:09:33","modified_gmt":"2019-09-05T04:09:33","slug":"2019-growth-forecast-for-singapores-economy-slashed-to-0-6","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/2019-growth-forecast-for-singapores-economy-slashed-to-0-6\/","title":{"rendered":"2019 growth forecast for Singapore\u2019s economy slashed to 0.6%"},"content":{"rendered":"


\nThe economists expects year-on-year growth to come in at 0.3 percent in the third quarter, citing escalating US-China trade tensions as well as further slowdown in China as top concerns.
\nPrivate-sector economists expect Singapore\u2019s economy to grow by 0.6 percent this year, way lower from an earlier forecast of 2.1 percent in June, revealed the latest survey from the Monetary Authority of Singapore (MAS).
\nThis came after the economy expanded by just 0.1 percent in the second quarter of 2019, down from the 1.6 percent projected by respondents in the previous survey.
\nThe economists expects year-on-year growth to come in at 0.3 percent in the third quarter, citing escalating US-China trade tensions as well as further slowdown in China as top concerns.
\nThe most likely outcome is for the city-state\u2019s economy to grow by 0.5 percent to 0.9 percent this year.
\nWith this, economists expect slower growth for the construction sector at 2.7 percent from the previous estimate of 3.5 percent and a sharper decline in the manufacturing sector at 2.4 percent from 0.2 percent previously.
\nNon-oil domestic exports and wholesale and retail trade are also forecasted to drop by 9.2 percent and 2.8 percent, respectively.
\nFinance and insurance is the only bright spot in the economy as it is expected to grow by 4.3 percent, up from 3.8 percent in the previous survey.
\nMoreover, economists expect the CPI-All Items inflation and MAS Core Inflation for 2019 to come in at 0.7 percent and 1.2 percent, down from 0.9 percent and 1.4 percent in the June survey, respectively.
\nLooking ahead, they expect GDP growth to increase to 1.6 percent for 2020 as a whole.
\n\u201cThe respondents, on average, estimate that the growth outcome for the Singapore economy is most likely to be in the range of 1.0 to 1.9 percent next year. This is lower than the 2.0 to 2.4 percent range in the previous survey,\u201d said MAS.
\n\u201cCPI-All Items inflation is forecast to come in at 1.0 percent in 2020, while MAS Core Inflation is expected to be 1.3 percent. In terms of the forecast range, CPI-All Items inflation is projected to fall between 0.5 and 1.4 percent, while MAS Core Inflation is expected to come in at 1.0\u20131.4 percent.\u201d
\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.
\n\u00a0
\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…2019 growth forecast for Singapore\u2019s economy slashed to 0.6%<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The economists expects year-on-year growth to come in at 0.3 percent in the third quarter,...<\/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-110503","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-sKj","jetpack-related-posts":[{"id":108058,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/economists-lower-growth-forecast-for-singapore-again-mas-survey\/","url_meta":{"origin":110503,"position":0},"title":"Economists lower growth forecast for Singapore again, MAS survey","date":"June 13, 2019","format":false,"excerpt":"\r The pessimistic outlook comes as the economy grew 1.2 percent in the first quarter of 2019, which was significantly lower compared to the 1.9 percent forecast in the March survey. Economists have once again lowered their growth forecast for Singapore to 2.1 percent, down from their earlier forecast of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113029,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-growth-forecast-raised-to-0-7-survey\/","url_meta":{"origin":110503,"position":1},"title":"Singapore's growth forecast raised to 0.7%: Survey","date":"December 12, 2019","format":false,"excerpt":"\r This is 0.1% higher compared to the previous survey.\u00a0 Private-sector economists have raised Singapore\u2019s growth forecast to 0.7% this year, 0.1% higher compared to the previous 0.6% growth in the previous survey, according to the latest quarterly survey conducted by the Monetary Authority of Singapore (MAS) on 11 December.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115018,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-economy-to-fall-by-0-5-this-year-dbs\/","url_meta":{"origin":110503,"position":2},"title":"Singapore\u2019s economy to fall by 0.5% this year \u2013 DBS","date":"March 20, 2020","format":false,"excerpt":"\r Total retrenchments are also expected to hit 24,500 this year.\u00a0 DBS Bank expects a 0.5% drop in Singapore\u2019s economy this year, instead of the 0.9% growth forecasted last month, reported The New Paper. DBS Bank Economist Irvin Seah explained that the downgraded forecast might come with further downside risks,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112512,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/economists-give-positive-adjustments-to-singapores-gdp-predictions\/","url_meta":{"origin":110503,"position":3},"title":"Economists give positive adjustments to Singapore\u2019s GDP predictions","date":"November 21, 2019","format":false,"excerpt":"\r This comes as a poll conducted by Reuters showed that the final gross domestic product in Singapore is expected to be higher than the government\u2019s advance estimates. Singapore\u2019s economy in the third quarter of 2019 is projected to have expanded much more than initially expected and will probably stabilise\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":110503,"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":111748,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-economy-expected-to-have-0-5-growth-in-2019\/","url_meta":{"origin":110503,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/110503"}],"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=110503"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/110503\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=110503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=110503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=110503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}