Singapore’s insurance and finance sector growth to outpace national economy – MAS

Economic growth prospects brighter this quarter, says central bank

Singapore’s insurance and finance sector growth to outpace national economy – MAS

Insurance News

By Gabriel Olano

Singapore’s economic growth for 2017 is expected to hit 3.3%, according to a survey of economists conducted by its central bank. 

Among the best-performing sectors in the Singaporean economy is the finance and insurance industry, which is expected to post a 3.7% growth rate for 2017, exceeding the national figure. This is also higher than the 2.9% growth predicted in the previous survey, reported Channel News Asia.

The Monetary Authority of Singapore’s (MAS) economic forecast is for an increase from the 2.5% median forecast in the previous quarter.

The manufacturing sector is another bright performer, with forecasted growth of 10.6%, up from the 6.6% estimate in the September survey.

Other sectors are expected shrink, with the construction sector seen to contract by 7.6%, even worse than the 4.2% decline in the previous survey. Meanwhile, the food and accommodations industry is set to contract by 1.5%.

Inflation is expected at 0.6%, slightly lower than the 0.8% indicated in the previous survey. Core inflation, which excludes prices of accommodation and cars, is pegged at 1.5% – slightly lower than the 1.6% in the September survey.

Unemployment rate is expected at 2.2% by year-end, remaining unchanged from the previous survey.

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