Singapore's Ministry of Trade and Industry (MTI) said on Thursday that the city state's economy grew by 2.2 percent year-on-year in the third quarter of 2018, compared to 4.1 percent in the preceding quarter.
In the first three quarters, Singapore's gross domestic products (GDP) growth was 3.6 percent on a year-on-year basis.
The ministry said Singapore's GDP growth is expected to moderate but remain firm in the remaining quarter of this year, and the 2018 GDP growth forecast for Singapore is 3.0 to 3.5 percent.
As for 2019, the MTI forecasts that Singapore will see slightly weaker external demand in 2019 as compared to 2018, which will make Singapore's economic growth to moderate next year. Meanwhile, some of Singaporean industries, including information and communications, education, and health and social services, are expected to remain resilient, and the construction industry is projected to improve next year.
Taking into account the global and domestic economic environment, the MTI said the Singapore economy is expected to grow by 1.5 to 3.5 percent in 2019.
Selena Ling, head of Treasury Research & Strategy of OCBC Bank, said the bank's forecast for Singapore's 2019 GDP growth is 2.7 percent, which is a slowdown from the 3.3-percent economic growth forecast for this year.
She said Singapore will likely see a more challenging growth trajectory in 2019, especially in the second half of 2019, mainly due to "the expected U.S. growth moderation, the weaker demand conditions in the global semiconductor cycle and the moderation in growth in key markets including ASEAN."
Source:Xinhua |
