{"id":112546,"date":"2019-11-22T10:56:17","date_gmt":"2019-11-22T03:56:17","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/mti-sees-gdp-growth-forcast-in-2019-and-2020\/"},"modified":"2019-11-22T11:03:57","modified_gmt":"2019-11-22T04:03:57","slug":"mti-sees-gdp-growth-forcast-in-2019-and-2020","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mti-sees-gdp-growth-forcast-in-2019-and-2020\/","title":{"rendered":"MTI sees GDP growth forcast in 2019 and 2020"},"content":{"rendered":"


\nSingapore\u2019s economy is expected to have a growth of \u201c0.5 to 2.5%\u201d in 2020.
\nThe 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 21).\u00a0
\nThe country\u2019s economy rose by 0.5% on a year-on-year (YoY) basis in Q3, which is a bit higher than the 0.2% growth recorded in the previous quarter. On a quarter-on-quarter (QoQ) seasonally-adjusted annualised basis, the economy grew by 2.1%, a turnaround from the 2.7% contraction in the second quarter.
\nConsidering the performance of Singapore\u2019s economy in the first three quarters of 2019 and the outlook for the coming fourth quarter, MTI narrowed its GDP growth forecast to \u201c0.5 to 1.0 per cent\u201d, from \u201c0.0 to 1.0 per cent\u201d.
\nThe construction sector grew by 2.9% YoY, after the 2.8% expansion in the preceding quarter, supported by private and public sector construction works. On a QoQ seasonally-adjusted annualised basis, it dropped marginally by 0.1%.
\nOn the other hand, the manufacturing sector fell 1.7% YoY \u2013 a moderation from the 3.3% decline in the preceding quarter. On a QoQ seasonally-adjusted annualised basis, it grew by 7.6%.
\nThe wholesale & retail trade sector narrowed by 3.3% YoY, extending the 3.5% drop in the second quarter. It dropped by 1.7% on a QoQ seasonally-adjusted annualised basis, compared to a 9.2% contraction in the previous quarter.
\nFlat growth was recorded by the transportation & storage sector, slowing down from the 2.4% expansion recorded in the previous quarter. It shrank by 5.8% on a QoQ seasonally-adjusted annualised basis, compared to the 6.5% growth in the second quarter.
\nGrowth for the information & communications sector stood at 3.4% YoY, moderating from the previous quarter\u2019s 4.1% expansion. On a QoQ seasonally-adjusted annualised basis, it rose by 3% compared to the 1.3% growth in the preceding quarter.
\nFor the accommodation & food services sector, it posted a 2% YoY growth, higher than the 1.2% reached in the previous quarter. The sector saw a 6.2% growth on a QoQ seasonally-adjusted annualised basis, as compared to 2.7% in the second quarter.
\nThe business sector\u2019s growth stood at 0.9% YoY, slightly higher than the 0.8% posted in the second quarter. On a QoQ seasonally-adjusted annualised basis, it rose by 3.2%, a positive change from the 1.6% contraction in the previous quarter.
\nThe finance & insurance sector recorded a growth of 4.3% YoY, prolonging the 5.1% growth of the second quarter. It contracted by 0.5% on a QoQ seasonally-adjusted annualised basis, after recording a 7.5% growth in the previous quarter.
\nMeanwhile, the \u201cother services industries\u201d had a 2.8% growth YoY, extending the growth of 2.7% in the preceding quarter. The sector grew by 3.4% on a QoQ seasonally adjusted annualised basis, a turnaround from the 5.5% contraction of the previous quarter.
\nFor the year 2020, global growth is expected to have a modest pickup, on the back of an improvement in the growth outlook for developing economies and emerging markets.
\nHowever, growth in several of the country\u2019s important final demand markets such as the China and US is expected to ease.
\nThe GDP growth of the US is expected to moderate in 2020 as investment growth is seen to continue to slow down amidst policy uncertainty and trade tensions. China\u2019s growth, on the other hand, is expected to slow down in the coming year as investment growth is seen to decelerate following financial reforms to halt shadow lending.
\nOn balance, with the growth outlook for the country\u2019s key final demand markets and the expected recovery in global electronics cycle in the coming year, MTI projected growth in the country\u2019s economy to pick up in moderation in 2020, compared to 2019.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\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…MTI sees GDP growth forcast in 2019 and 2020<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore\u2019s economy is expected to have a growth of \u201c0.5 to 2.5%\u201d in 2020. The...<\/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-112546","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-thg","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":112546,"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":107367,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-narrows-gdp-growth-forecast-for-2019\/","url_meta":{"origin":112546,"position":1},"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":101572,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-q3-economic-growth-disappoints\/","url_meta":{"origin":112546,"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":113367,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-posts-slowest-economy-expansion-since-2009\/","url_meta":{"origin":112546,"position":3},"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":109000,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-gdp-growth-slows-to-0-1-in-q2-2019\/","url_meta":{"origin":112546,"position":4},"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":111748,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-economy-expected-to-have-0-5-growth-in-2019\/","url_meta":{"origin":112546,"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\/112546"}],"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=112546"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/112546\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=112546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=112546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=112546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}