Singapore analysts raise economic growth forecast to 3 per cent in 2012

Jun 13, 2012 12:45 am | The Associated Press

SINGAPORE - Singapore's central bank says a survey of analysts shows the economy will likely grow 3 per cent this year, more than the previous estimate.

The survey of 21 analysts released Wednesday by the central bank showed that growth will likely be led by construction expanding 6.2 per cent and manufacturing up 3 per cent.

Analysts had expected the economy would grow 2.5 per cent this year in a March survey. The government expects gross domestic product to expand between 1 per cent and 3 per cent this year, down from 4.9 per cent last year.

The survey predicts the inflation rate will probably fall to 4.2 per cent this year from 5.5 per cent last year while the exchange rate will end 2012 at 1.24 Singapore dollars per U.S. dollar from a current SG$1.28.

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