Singapore PM narrows 2012 growth forecast to 1.5-2.5pc
SINGAPORE, Aug 8 – Singapore’s trade-driven economy is likely to grow by 1.5 to 2.5 per cent this year, Prime Minister Lee Hsien Loong said today, narrowing the outlook from an earlier forecast of 1 to 3 per cent.
Lee (picture) also said in his National Day address that Singapore’s economy expanded 1.7 per cent in the first half, indicating growth in the second quarter was around 2 per cent year-on-year – below the median estimate of 2.3 per cent from economists.
The city-state’s government reported first quarter growth of 1.7 per cent.
Singapore will release detailed gross domestic product data for April to June on Friday that will likely show the economy expanded slightly on a sequential basis, contrary to initial estimates that showed a contraction.
But the outlook is weak and manufacturing activity contracted in July after two months of gains as new orders fell, the latest Purchasing Manager’s Index showed. – Reuters