Singapore's growth forecast raised to 0.7%

Victor Kang12 Dec 2019

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.

READ: Presenting The Singapore Property Market Outlook 2020

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.

Looking for a property in Singapore? Visit PropertyGuru’s ListingsProject Reviews and Guides.


Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email


You may also like these articles

Private residential price increase in Singapore unlike other cities: IMF

Private residential prices in Singapore appear to have "decoupled" from the worldwide chase for property rental yields since 2013, as wealthy foreign buyers continue to exert their influence on the c

Continue Reading30 Nov 2019

Get the Singapore Property Market Outlook 2020 report

2020 is around the corner. Not only that: a new decade is about to begin. The PropertyGuru Property Market Outlook 2020 looks at the factors that have shaped the local real estate landscape in the p

Continue Reading12 Dec 2019

Singapore is the 7th most expensive city in Asia for expats to live: Survey

Singapore's rise is attributed to the strong Singapore Dollar.  Singapore is the seventh most expensive city in Asia for expats to live, and the 13th most expensive city globally, according to the l

Continue Reading12 Dec 2019