Financial analysts in Singapore have brought some good news at the beginning of the month when the Monetary Authority of Singapore, MAS, has conducted a survey on the economic forecast of the city-state. These reported a 2.5% economic growth for Singapore by the end of the year. The previous survey carried out in March predicted a 2.3% increase. Our company registration specialists in Singapore can guide foreign investors interested in starting businesses in the city-state and help them open a company in Singapore.
The MAS asked 21 economists in the country about their input on how Singapore is performing until this point and how they would see the economy for the remaining period of the year and found some positive predictions as they have raised their forecasts from the 2.3% announced in March to 2.5%. The news is even better if we consider than at the end of 2016 predictions did not indicate a growth above the 2% threshold.
These forecasts fall in line with the Ministry of Trade and Industry’s prediction issued in May which announced that Singapore’s Gross Domestic Product for 2017 will exceed the 2.0% threshold. If taking into account the reports indicating the growth of several key sectors during the first two quarters of the year, it is safe to say that the GDP could register a growth which nears the latest predictions.
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When asked about what would drive the economic increase, experts said that manufacturing will continue growing for the rest of the year: from the 4.5% reported in March, the new numbers indicate a 5% expansion for the manufacturing industry by the end of the year. Bank loans are also expected to register a 6.2% increase, the previous 3.2% growth. The third highest increase is expected to be registered by the non-oil exports which will reach 5.6% at the end of the year. The construction industry is also predicted to expand by 0.2%.
The next survey is expected to be carried out at the end of July 2017. If you want to open a Singapore company, please contact our company formation consultants.