Singapore on track for GDP growth recovery to 2.4% this year: ICAEW

SINGAPORE (April 26): With Singapore’s export orders and local business investment figures appearing to gain positive momentum this year, Institute of Chartered Accountants in England and Wales (ICAEW) is edging up its gross domestic product (GDP) growth estimates for the city state to 2.4%, up from 2% and 1.9% in 2016 and 2015 respectively.  

This is according to ICAEW’s latest Economic Insight: South East Asia report, which infers from Singapore’s monthly trade data that exports are beginning to recover.

For example, Purchasing Managers Index (PMI) manufacturing and electronic surveys have registered above 50 for six consecutive months with new orders pointing to ongoing demand for exports, notes the institute in a Wednesday press release.  

---

Related Stories

• [Updated] Divining the direction of interest rates Breaking News QA
• Fed to hold interest rates steady but start considering cuts
• Briefs: Singapore’s headline inflation rebounds to 3.7% y-o-y; Jack Ma boosts Alibaba with stock purchase

---