FOREX TradingCharts.com

Financial News: Singapore Govt Maintains 2021 Growth Outlook

Singapore Govt Maintains 2021 Growth Outlook

02/15/2021 - 00:38:00 (RTTNews)

(RTTNews) - Singapore's growth outlook for this year was maintained as the government expects a gradual recovery underpinned by the pickup in foreign demand.

In 2021, the city-state economy is projected to grow 4 percent to 6 percent, which was unchanged from the previous forecast, the Ministry of Trade and Industry said Monday.

The economy had contracted 5.4 percent in 2020, in contrast to the 1.3 percent growth logged in 2019.

Gross domestic product shrank 2.4 percent year-on-year in the fourth quarter, slower than the 3.8 percent decline initially estimated and also smaller than the 5.8 percent decline posted in the third quarter.

On a quarter-on-quarter basis, the economy expanded 3.8 percent, after rising 9.0 percent growth recorded in the previous quarter. The fourth quarter growth was revised up from 2.1 percent.

According to MTI, outward-oriented sectors are forecast to benefit from the pickup in external demand this year. Meanwhile, the tourism and aviation-related sectors are projected to see a weaker recovery than previously expected due to the slow pace of lifting travel restrictions.

Consumer-facing sectors, namely retail trade and food and beverage services are expected to benefit from an improvement in consumer sentiments, the government noted.

Although the construction and marine and offshore engineering sectors are projected to recover from the low base last year, activity levels at construction worksites and shipyards will continue to be dampened by the requirement for safe management measures.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Hungary Producer Price Inflation Slows In January (01 hr(s), 52 min(s), 30 sec(s) ago)
(RTTNews) - Hungary's producer price inflation eased in January, figures from the Hungarian Ce ...Full Story»

German Retail Sales Fall More Than Expected (01 hr(s), 55 min(s), 30 sec(s) ago)
(RTTNews) - Germany's retail sales decreased for a second straight month and at a faster than ...Full Story»

Romania Producer Prices Rise For Second Month (02 hr(s), 14 min(s), 30 sec(s) ago)
(RTTNews) - Romania's producer prices rose for the second month in a row in January, data from ...Full Story»

Philippines Producer Prices Fall Further (02 hr(s), 40 min(s), 30 sec(s) ago)
(RTTNews) - Philippines producer prices declined further in January, data from the Philippine Stat ...Full Story»

UK House Price Inflation Accelerates Unexpectedly (02 hr(s), 56 min(s), 30 sec(s) ago)
(RTTNews) - UK house price inflation accelerated in February, defying expectations for further slo ...Full Story»

Estonia Retail Sales Increase In January (03 hr(s), 07 min(s), 30 sec(s) ago)
(RTTNews) - Estonia retail sales increased in January, data from Statistics Estonia showed on Tues ...Full Story»

Finland Jobless Rate Rises In January (03 hr(s), 50 min(s), 30 sec(s) ago)
(RTTNews) - Finland's jobless rate increased in January, figures from Statistics Finland showe ...Full Story»

RBA Holds Rate, QE Steady (05 hr(s), 27 min(s), 30 sec(s) ago)
(RTTNews) - Australia's central bank left its cash rate and asset purchase programme unchanged ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Hungary Producer Price Inflation Slows In January

03/02/2021 - 03:38 AM (RTTNews)
(RTTNews) - Hungary's producer price inflation eased in January, figures from the Hungarian Ce ...Full Story>>

German Retail Sales Fall More Than Expected

03/02/2021 - 03:35 AM (RTTNews)
(RTTNews) - Germany's retail sales decreased for a second straight month and at a faster than ...Full Story>>

Romania Producer Prices Rise For Second Month

03/02/2021 - 03:16 AM (RTTNews)
(RTTNews) - Romania's producer prices rose for the second month in a row in January, data from ...Full Story>>

Philippines Producer Prices Fall Further

03/02/2021 - 02:50 AM (RTTNews)
(RTTNews) - Philippines producer prices declined further in January, data from the Philippine Stat ...Full Story>>

UK House Price Inflation Accelerates Unexpectedly

03/02/2021 - 02:34 AM (RTTNews)
(RTTNews) - UK house price inflation accelerated in February, defying expectations for further slo ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.