Wednesday, Aug 27, 2014Wednesday, Aug 27, 2014
News
 

Singapore economy expected to grow 1-3% in 2013

Published on Nov 16, 2012 2:22 PM
 
Singapore's economy is expected to grow by around 1.5 per cent this year, the Ministry of Trade and Industry said today in its latest forecast. -- ST PHOTO: MARK CHEONG

Singapore's GDP growth is expected to hit between 1 and 3 per cent in 2013, the Ministry of Trade and Industry said in its first official forecast of next year's figures.

MTI said that the global economy is expected to remain sluggish next year, with growth restrained by continued household deleveraging and fiscal consolidation. In Asia while domestic demand is expected to remain resilient, overall growth is likely to be moderate given the weak external demand.

In Singapore, MTI noted that growth in externally-oriented sectors such as electronics manufacturing is likely to remain subdued. But growth in domestic clusters such as transport engineering as well as the construction sector is likely to provide support to the economy next year.