Economists cut growth forecasts for Singapore economy

Economists expect the Singapore economy to grow by 3.3 percent this year, according to the results of a quarterly survey of professional forecasters by the Monetary Authority of Singapore released on Wednesday.
The figure is lower than the 3.8 percent in the previous survey that was done three months ago. The Singapore economy grew by 2.4 percent in the second quarter, lower than the median forecast of 3. 3 percent.
Nevertheless, the latest forecasts were still in line with the official growth forecast of 2.5 to 3.5 percent. The government narrowed its official forecast in August from 2-4 percent.
The economists expect the gross domestic product to grow by 3.2 percent, lower than the 3.5 percent in the previous survey.
According to the latest survey, manufacturing is expected to grow by 4.2 percent in 2014, down from the forecast of 5.6 percent in the previous survey.
Inflation is expected to slow, with the median forecast at 1.8 percent for the full year, down from the 2.2 percent forecast in June. Core inflation, which excludes accommodation and car prices, is expected to average 2.2 percent, down from 2.4 percent in the previous survey.
The economists expect the gross domestic product to grow by 3.7 percent in 2015.