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Forecasters lower Singapore growth and inflation projections for 2015

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Singapore's economic forecasters have tempered both their growth and inflation expectations for 2015, according to a Monetary Authority of Singapore (MAS) quarterly survey released on Wednesday.

SINGAPORE'S economic forecasters have tempered both their growth and inflation expectations for 2015, according to a Monetary Authority of Singapore (MAS) quarterly survey released on Wednesday.

They now expect the economy to grow by just 2.2 per cent this year - down from the 2.7 per cent projected a quarter ago. They are also more pessimistic on the outlook for the manufacturing and construction sectors, and most services clusters.

Headline and core inflation are expected to come in at -0.2 per cent and 0.5 per cent respectively in 2015 - a fall from the 0 per cent and one per cent forecast in the previous survey.

Core inflation excludes the costs of accommodation and private road transport.

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Sent out on Aug 11, MAS's September issue of its Survey of Professional Forecasters received 23 respondents.

Both private-sector growth and inflation projections fall within the government's forecasts. According to the Ministry of Trade and Industry (MTI), the Singapore economy should expand between 2 and 2.5 per cent in 2015 - a narrowed forecast from its previous 2 to 4 per cent projection.

Headline and core inflation, meanwhile, are projected to average -0.5 to 0.5 per cent and 0.5 to 1.5 per cent respectively.

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