By Nikki De Guzman:
Recovering
from a weak performance, Singapore’s growth momentum is on an upward
trend due to rising industrial production in the country, recent data said.
According to Spanish banking group BBVA, the
country’s Q1 GDP was revised up to +0.2 percent year-on-year from the
preliminary forecast of -0.6 percent reported in mid-April. This is a
1.8 percent growth from +3.3 percent in Q4 2012.
Meanwhile, headline inflation eased to 1.5 percent year-on-year in April from 3.5 percent in March.
These
positive figures were supported by April’s healthy industrial
production, which was up 4.7 percent year-on-year from a revised -3.8
percent in March.
“Looking ahead, given the positive signs from
the latest industrial production readings, Singapore’s growth momentum
is expected to improve amid stabilized external demand in the remainder
of 2013. We expect growth to reach 2.3 percent, compared to the
government’s outlook of one percent to three percent,” BBVA noted.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
Related Stories:
Marina Bay a great push for finance industry
Singapore the new tourism hotspot
Singapore property to remain resilient: report