It overshot expectations by 2.8pp last quarter.
Despite a lower forecast for Singapore’s economy as a whole, private economists expect financials to do better.
According to a release by SGX, the Finance and Insurance sector is forecast to grow 7.5% instead of 6.5% estimated in the December survey. Interestingly, the sector was predicted to expand by 7.5% in the fourth quarter, but grew at a better-than-expected rate of 10.3%.
Elsewhere, the Singapore economy expanded by 2.9% in 2014, slowing from the 4.4% growth chalked up in 2013. The growth forecast for 2015 is 2.0% to 4.0%, according to the Ministry of Trade and Industry.
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