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Singapore 2013 Growth Tipped at 2.8%: Central Bank Survey

Stephen Studd | Photographer's Choice | Getty Images

Singapore's economy is expected to grow 2.8 percent in 2013, according to a quarterly survey by the country's central bank released on Wednesday, higher than an earlier forecast of 2.7 percent.

Growth is expected to be supported by a rebound in the manufacturing and financial services sectors.

For the first quarter of this year, the economy is expected to grow 0.8 percent, slightly lower than an earlier forecast of 1.2 percent, according to a poll of 26 economists and analysts by the Monetary Authority of Singapore.

(Watch Now: Growth in Singapore Poised to Change Dramatically)

Growth outlook for 2014 is more bullish, with respondents of the survey expecting the country's GDP growth at 4 percent year on year.

The wealthy island state narrowly averted recession twice last year, due to a slump in its key electronics sector amid uncertainty over Europe's debt crisis.

The Singapore government maintains its 2013 growth forecast for the economy at 1-3 percent.

Contact Asia Economy

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