Singapore Q4 GDP growth seen slowing to 2%: Survey

Singapore's annual economic growth likely slowed in the fourth quarter after manufacturing output in November came in much weaker than expected, a Reuters poll showed. -- PHOTO: ST FILE
Singapore's annual economic growth likely slowed in the fourth quarter after manufacturing output in November came in much weaker than expected, a Reuters poll showed. -- PHOTO: ST FILE

SINGAPORE (Reuters) - Singapore's annual economic growth likely slowed in the fourth quarter after manufacturing output in November came in much weaker than expected, a Reuters poll showed.

Gross domestic product was seen expanding 2.0 per cent in the fourth quarter from a year earlier, moderating from 2.8 per cent year-on-year growth in the third quarter, according to the median forecast in the poll of 12 economists.

Data last week showed that manufacturing output in November fell 2.8 per cent from a year ago, the biggest year-on-year fall since June 2013 and far below the market expectation for a 1.2 per cent increase.

Compared to the previous quarter, GDP likely grew 3.0 per cent in October-December on an annualised and seasonally adjusted basis, moderating slightly from 3.1 per cent growth in the third quarter.

The advance estimate of fourth-quarter GDP will be released on Friday (Jan 2) at 8 a.m..

An uneven global recovery and lacklustre exports have tempered Singapore's economic growth this year.

In addition, the government's push to reduce a politically unpopular reliance on overseas workers has led to a tight labour market and wage pressures. Economists say such supply-side factors have also affected economic growth.