Singapore’s economy will expand 2.5% in 2012, slowing from 4.9% last year due to lower growth in manufacturing and financial services, according to a central bank survey of economists released on Friday.
The forecast was lower than the median of 3.0% in a December survey but is at the high end of the government’s growth forecast range of 1-3% for 2012.
The forecast was lower than the median of 3.0% in a December survey but is at the high end of the government’s growth forecast range of 1-3% for 2012.
Economists surveyed by the Monetary Authority of Singapore also predicted inflation would come in at 3.5% in 2012, up from the median expectation of 3.1% in December and at the top end of the MAS forecast of 2.5 to 3.5%.
Singapore’s inflation averaged 5.2% in 2011.
Economists were more bullish about the city-state’s non-oil domestic exports and are predicting a 4.2% expansion this year, up from 3.1% in the previous survey, the MAS said.
Singapore’s exports recovered strongly in February, led by electronics and pharmaceuticals, providing an early sign the picture could brighten for Asia’s trade-dependent economies, government data showed earlier on Friday.
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