ASEAN KEY DESTINATIONS
MTI raises S'pore 2013 growth forecast to 3.5%-4%
SINGAPORE: Singapore has revised upwards its economic growth forecast for this year.
The Ministry of Trade and Industry (MTI) expects the economy to grow by 3.5 to 4 per cent in 2013, up from an earlier forecast of 2.5 to 3.5 per cent.
Growth is likely to be supported by externally-oriented sectors such as manufacturing, wholesale trade and transportation and storage.
Looking longer-term, for 2014, it expects the economy to grow by 2 to 4 per cent.
The MTI also released Singapore's economic performance for the third quarter.
For the period July to September, the economy grew by 5.8 percent year-on-year, higher than the 4.4 per cent growth seen in the preceding quarter.
Quarter-on-quarter, the economy grew at a slower pace of 1.3 per cent, after expanding 17.4 per cent in the previous quarter.
The manufacturing sector did not fare too well in Q3, growing by 0.1 per cent quarter-on-quarter, after surging 33.5 per cent in the preceding quarter.
The construction sector contracted 2.5 per cent, a reversal from the 20.3 per cent growth in the second quarter.
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