Economy still “on track” to meet GDP forecast despite modest growth prediction for 4Q

DBS Bank predicts a 5% growth for the economy this quarter but says Singapore is still poised to meet its full year GDP growth forecast of 15% due to activities in the services and construction sectors.

In a statement, the bank said the services sector is expected to grow by 10.4%, which is slightly higher than the advance projection of 10.2%. Growth in the construction sector, meanwhile, will most likely continue to moderate as most of the key mega projects are completed or near completion.

DBS, however, lowered its forecast for the construction industry from 11.5% in the previous quarter to 6.7% “Going forward, recent property market cooling measures are expected to have a negative spillover effects on the construction sector. The saving grace is that a healthy pipeline of public transportation projects will be the key factor supporting growth in this sector.,” the bank said.

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