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New Forecast: Singapore Economy to Grow by 2.3% in 2017

Written by: Bridgewest

New-forecast-Singapore-economy-to-grow-by-23-in-2017At the beginning of March, the Monetary Authority of Singapore (MAS) released a new report referring to the country’s economic performance for 2017. The good news is that compared to the first survey issued in December which forecasted a 1.5% increase, analysts now say the economy is set to grow by 2.3%. Foreign investors interested in starting a business in the city-state can rely on the company registration services in Singapore provided by our specialists.

Industry growth expectations in Singapore

The Singapore Central Bank revises its analyses periodically and based on the most recent results it also updated the economic situation of the country. Considering the first three months of 2017 were better than anticipated in the sense that various industries have outperformed the authorities’ expectations, the MAS revised its new predictions accordingly.

The manufacturing industry was once again the most performant economic sectors of Singapore and financial analysts now say it will grow by 4.5% by the end of 2017, compared to the 1.1% increase predicted at the end of 2016. The financial and retail industries are also expected to grow to 2% from the first 1.8% previously forecasted, respectively to 1.1% from 1%.

The surprise comes from the construction sector which was expected to perform less good than in 2016, however it seems to be growing in line with the other industries.

If you are interested in opening a company in any of the industries above, our Singapore company formation agents can assist you.

A 2.4% economic growth is predicted for 2018

Even it seems too soon to announce, analysts have also asked Singapore companies’ representatives how they feel about their activities this year and their answers made them issue an early forecast for the economic performance for 2018 of 2.4%.

Economists also said the unemployment rate is set to decrease this year and will continue in 2018 as well, given the new measures implemented by the government to support employment. The government has also adopted a set of measures which provides for corporate tax rebates for SMEs for the next two years.

For additional information on the incentives granted by the government to companies this year, please contact our Singapore company formation consultants. They can also help you open a company in Singapore.

 

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