Singapore economy seen growing 5.7 percent in 2011
Wednesday, March 9, 2011
SINGAPORE (AP) — Singapore’s economy will slow this year from 2010’s record pace as growth in manufacturing, financial services and construction all wane, according to a central bank survey of analysts released Wednesday.
The city-state’s gross domestic product will likely expand 5.7 percent this year, according to the median forecast of 20 economists in the quarterly survey, the Monetary Authority of Singapore said. The previous survey in December had forecast the economy to grow 5.1 percent this year.
Singapore’s economy jumped 14.5 percent last year as manufacturing roared back after the global recession and the island’s first two casino resorts attracted record tourist arrivals.
The government expects the economy to grow between 4 percent and 6 percent this year.
Analysts expect manufacturing to grow 5.9 percent, financial services to rise 7.4 percent, and construction to expand 4 percent, according to the survey.
Analysts said the economy is likely to expand 6 percent in 2012.
Consumer prices will probably rise 4.0 percent this year, the unemployment rate will be 2.0 percent and the exchange rate will end 2011 at 1.23 Singapore dollars per U.S. dollar, according to the survey.