Singaporean Economy maintains its annual GDP growth level during 2017
According to Bloomberg, Singaporean economy bounced on the second zone as a global trade.
On Friday 14th July 2017, the report was officially represented to improve the global trade since late last year as compared to China.
Consumer-focused industries such as retail remain subdued because of a weak labor market, the property market was still in a slump and there were worries about China’s growth outlook as authorities there try to rein in credit expansion.
It is stated in the report, “Chinese demand for electronics and other manufactured goods has been strengthened.
“That’s prompted economists to raise their forecasts for growth in the city state this year, while the government is also projecting an improvement from last year’s 2 percent expansion.”
According to preliminary estimates from the Ministry of Trade and Industry on Friday, it is mentioned,
“Gross domestic product rose a seasonally-adjusted annualized 0.4 percent from the first quarter that compares with a revised contraction of 1.9 percent in the first quarter,
“The median estimate of 15 economists in a Bloomberg survey was for growth of 1.1 percent,
“Compared to the same period last year, GDP rose 2.5 percent in the second quarter, lower than the 2.7 percent median estimate in a Bloomberg survey.”
One of senior analysts in Singapore, Jonathan Cavenagh, and head of Asia emerging-market currency strategy at JPMorgan Chase & Co. said, “There still is some uncertainty as to how the outlook progresses from here,
“Obviously, the external side is doing well, but the Singaporean authorities would probably like to see that the domestic-oriented economy’s doing better,
“Boosting employment growth and driving wage pressures probably before the Monetary Authority of Singapore looks to shift to a tighter policy stance.”
Despite of that, senior analyst believed that still, there were mounting risks which would be very challenging for Singaporean economy.
Correspondent: Syeda Faiza Bukhari
