Singapore is expected to report slower third-quarter economic growth than initially thought (Photo: AFP/VNA)Singapore (VNA) – A Reuters poll of 11 economists showed that Singaporeis expected to report slower third-quarter economic growth than initiallythought as the manufacturing sector faces strains from weaker global demand andan intensifying trade dispute between the United States and China.
Economists said the city state’s finalisedgross domestic product (GDP) was forecast to rise 4.2 percent in July-Septemberfrom the quarter earlier on a seasonally adjusted and annualized basis, belowthe 4.7 percent rise seen in the advanced estimate and up 2.4 percentyear-on-year.
“Final third quarter GDP is expected to berevised downwards, given the slower than expected manufacturing numbers andmonthly indicators for the services sectors such as bank loans and propertysales showing weaker numbers,” said Maybank Kim Eng Securities economist Lee JuYe.
Singapore’s central bank has warned that aheated trade war between the United States and China - one of the city state’smajor trade partner - could hurt the domestic economy.
Singapore’s export growth to China has slowed forfive months in a row, raising worries about the outlook that the trade tensionsbetween the two largest economies in the world show no signs of abating.
The Ministry of Trade and Industry hadforecast full-year growth of 2.5 to 3.5 percent in 2018.
Singapore will announce its official GDP data in the third quarter on November22.-VNA
VNA
