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September 3, 2008

Singapore: Q2 growth revised down to 4.2%
The Monetary Authority of Singapore said Wednesday a survey showed economists expected the city-state to grow 4.2 percent in 2008, down from the 5.5 percent predicted in an earlier poll, reported the city-state enws agency Channel News Asia.

The lower growth prediction comes amid signs of an economic slowdown after a tumble in key exports over the last few months, particularly to US and other industrialised economies.

Economists had trimmed the growth outlook to 5.5 percent from 5.6 percent in the previous survey released in June.

The poll showed that economists expected the manufacturing sector, a key pillar of the economy, to grow a mere 1.0 percent this year compared with the previous forecast of 5.5 percent.

The government in August lowered its 2008 growth targets to 4.0-5.0 percent from 4.0-6.0 percent, citing weakness in the global economy as the main reason behind the downgrade.

The central bank sent out the survey to 24 economists in the private sector in August and 20 responded.

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