Singapore economy to grow 2.3% in 2013 report

Source：Nikki De Guzman Release Date：2013-06-11 231

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Recovering from a weak performance, Singapore's growth momentum is on an upward trend due to rising industrial production in the country, recent data said.

According to Spanish banking group BBVA, the country's Q1 GDP was revised up to +0.2 percent year-on-year from the preliminary forecast of -0.6 percent reported in mid-April. This is a 1.8 percent growth from +3.3 percent in Q4 2012.

Meanwhile, headline inflation eased to 1.5 percent year-on-year in April from 3.5 percent in March.

These positive figures were supported by April's healthy industrial production, which was up 4.7 percent year-on-year from a revised -3.8 percent in March.

"Looking ahead, given the positive signs from the latest industrial production readings, Singapore's growth momentum is expected to improve amid stabilized external demand in the remainder of 2013. We expect growth to reach 2.3 percent, compared to the government's outlook of one percent to three percent," BBVA noted.

Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@allproperty.com.sg

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