Singapore's Economic Growth is Unlikely to Weaken

The growth momentum for Singapore\'s economy is unlikely to weaken in the second half of 2015, the Monetary Authority of Singapore (MAS).

Published: 21st July 2015 11:17 AM  |   Last Updated: 21st July 2015 11:17 AM   |  A+A-

By IANS

SINGAPORE: The growth momentum for Singapore's economy is unlikely to weaken in the second half of 2015, the Monetary Authority of Singapore (MAS) said on Tuesday.

Singapore's GDP increased 2.3 percent for the first half of this year on a year-on-year basis, staying in the lower half of Singapore government's 2 to 4 percent forecast for the whole year, reported Xinhua.

Singapore's economy contracted by 4.6 percent in the second quarter at a seasonally adjusted and annualized rate, according to advance estimates released earlier in July.

The Ministry of Trade and Industry and MAS are reviewing their growth forecast for 2015, taking into account the weaker outturn in the first half and support factors in the second half, said MAS managing director Ravi Menon at a press conference.

Global and regional economic recovery remains broadly intact, with the US economy regaining momentum after a weak first quarter, said Ravi Menon, adding that the picture in China is mixed but latest indicators suggest the economy is stabilizing.

On inflation, Ravi Menon said Singapore has experienced negative headline inflation (CPI all-items inflation) for seven months now. However, he said that the city-state is not facing deflation, as underlying cost pressures persist.

MAS said CPI all-items inflation will likely remain negative for the rest of 2015. Inflation for the year is expected to come in at the lower half of the forecast range of minus 0.5 percent to 0.5 percent.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp