That said, the respondents now see the manufacturing, finance & insurance, and wholesale & retail trade sectors performing worse than their September outlook.
The Singapore economy is expected to grow by 1.0% in 2023, according to the Monetary Authority of Singapore’s (MAS) December survey of professional forecasters. The full-year estimate is unchanged from September’s survey and lower than the 1.4% that was forecasted in MAS’s June survey.
This comes after Singapore’s gross domestic product (GDP) expanded by 1.1% y-o-y in the 3Q2023, slightly above the respondents’ median forecast of 1.0% in September. In December, the survey’s 25 economists and analysts are now expecting Singapore’s economy to grow by 1.8% in the 4Q2023.
