Singapore's GDP growth predicted to expand by 3.3% this year

Down from previous forecast of 3.8%.

According to MAS, GDP growth in Q2 2014 was lower than expected. The Singapore economy expanded by 2.4% in Q2 2014, which was lower than the median forecast of 3.3% reported in the June 2014 Survey. 

The economy is forecast to expand by 3.3% in 2014. For 2014 as a whole, the respondents expect the economy to grow by 3.3%, down from 3.8% in the previous survey.

As reflected by the mean probability distribution, the most likely outcome is for the Singapore economy to grow by between 3.0-3.9% this year. This is unchanged from the last survey, although the mean probability has risen.

For Q3 2014, the respondents expect GDP to expand by 3.2%. This is lower than the 3.5% that was reported in the earlier survey.

The September 2014 Survey was sent out on 12 August 2014 to a total of 26 economists and analysts who closely monitor the Singapore economy. This report reflects the views received from 22 respondents (a response rate of 85%) and does not represent MAS’ views or forecasts.