Reuters poll: Singapore sees lower than expected economic growth

11/22/2018 - 1:32:36 PM

A Reuters poll of 11 economists showed that Singapore is expected to report slower third-quarter economic growth than initially thought as the manufacturing sector faces strains from weaker global demand and an intensifying trade dispute between the United States and China.

Singapore is expected to report slower third-quarter economic growth than initially thought (Photo: AFP/VNA).

Economists said the city state’s finalised gross domestic product (GDP) was forecast to rise 4.2 percent in July-September from the quarter earlier on a seasonally adjusted and annualized basis, below the 4.7 percent rise seen in the advanced estimate and up 2.4 percent year-on-year.

"Final third quarter GDP is expected to be revised downwards, given the slower than expected manufacturing numbers and monthly indicators for the services sectors such as bank loans and property sales showing weaker numbers,” said Maybank Kim Eng Securities economist Lee Ju Ye.

Singapore’s central bank has warned that a heated trade war between the United States and China - one of the city state’s major trade partner - could hurt the domestic economy.

Singapore’s export growth to China has slowed for five months in a row, raising worries about the outlook that the trade tensions between the two largest economies in the world show no signs of abating.

The Ministry of Trade and Industry had forecast full-year growth of 2.5 to 3.5 percent in 2018.

Singapore will announce its official GDP data in the third quarter on November 22.

Source: VNA

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