Macroeconomic Forecast Singapore

Singapore's trade-dependent economy slowed during the third quarter of the year with the manufacturing sector hit by rising global interest rates and surging oil prices. GDP expanded an inflation-adjusted 7.7% y-o-y compared with the previous quarter's growth of 12.5%, according to advance official estimates. Manufacturing slowed to 12.5% from the 20.5% with biomedical industries especially hard-hit. The economy contracted 2.3% q-o-q on an annualised basis. Our full-year forecast of 8.2% growth holds, but the economy will slow to just 3.9% in 2005.

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