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Private-sector economists have increased Singapore’s growth forecast to 0.7percent annually, 0.1percent higher compared to previous 0.6% increase in the prior poll, according to the most recent quarterly survey performed by the Monetary Authority of Singapore (MAS) on 11 December.

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The new prediction comes following the Singapore economy grew by 0.5percent from the third quarter, higher than the 0.3percent anticipated by economists in the previous poll, reported Channel NewsAsia.

On the other hand, the newest revisions will see the manufacturing industry contract by 1.4%, moderating in the 2.4% slip in the prior estimate. Outlook has been also not great for its retail and wholesale trade industry, moving down to -3percent from -2.8percent previously.

On a positive note, the insurance and finance business is predicted to place a 4.1percent growth, a tiny fall in the 4.3% increase anticipated previously.

The building industry can be expected to rise by 2.8%, a rise in the 2.7% increase predicted in the prior survey.

Forecasted growth in the food and lodging services sector however, is forecast to grow more than twice reach 1.9% compared to the previous poll.