Singapore: 2023 GDP forecast remains at 0.7% - UOB – by pabspiovano Singapore GDP Banks
Senior Economist at UOB Group Alvin Liew comments on the recently published GDP figures in Singapore.“The preliminary estimate of Singapore’s 4Q GDP was in line with market’s expectation at 0.2% q/q SA, 2.2% y/y expansion , while 3Q’s GDP growth was slightly revised higher to 4.2% y/y .”
“Even as manufacturing sector staged a surprise +1.8% q/q rebound in 4Q, it was still the main drag on the overall GDP as it contracted by 3.0% y/y offsetting the y/y gains in services and construction activity .”: Our 2023 outlook is largely premised on broad moderation in external economies this year, and we project the US and European economies to enter a recession this year amidst aggressive monetary policy tightening stance among these advanced economies.
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