This is 0.1% higher compared to the previous survey.
Private-sector economists have raised Singapore’s 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.
The new forecast comes after the Singapore economy grew by 0.5% in the third quarter, higher than the 0.3% expected by respondents in the last survey, reported Channel NewsAsia.
However, the new revisions will now see the manufacturing sector contract by 1.4%, moderating from the 2.4% slide in the previous estimate. Outlook was also not good for the wholesale and retail trade sector, going down to -3% from -2.8% previously.
On a more positive note, the finance and insurance industry is predicted to post a 4.1% growth, a small drop from the 4.3% growth expected previously.
The construction sector is also expected to grow by 2.8%, an increase from the 2.7% growth predicted in the previous survey.
Forecasted growth in the food and accommodation services sector meanwhile, is expected to grow more than double to reach 1.9% compared to the last survey.
The economists also expect GDP growth to be at 1.5% in 2020.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com