Singapore growth forecast for this year lowered to 2.3%

Singapore's growth forecast for 2013 was lowered to 2.3 percent from 2.8 percent, a survey of private sector economists said Wednesday. The higher forecast was made three months ago. The survey was based on the median forecast of 22 economists polled by the Monetary Authority of Singapore. The Singapore Straits Times reported the economists changed their growth expectations because of a smaller-than-expected expansion in Singapore's economy in the first quarter. The report said the economists expect financial services and construction sectors to perform better this year than earlier estimated, but they lowered their forecasts for manufacturing and trade. Singapore's Ministry of Trade and Industry has said it expects the economy to grow by 1 to 3 percent this year, the Xinhua News Agency reported. Singapore's economy grew 0.2 percent in the first quarter.