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A survey released on Wednesday by the Singapore Monetary Authority (MAS) showed that the economic analysts' upgrades on Singapore's economic growth rate in 2018, and analysts' assessment of private consumption, wholesale and retail sales.
The median survey of 24 analysts by the HKMA showed that Singapore's gross domestic product (GDP) grew by 3.2% this year, which is higher than the 3% median estimate of the HKMA's previous survey in December.
This will be close to the high end of the government's forecast range. Department of trade and industry said before, the main view on the 2018 GDP growth is slightly higher than the midpoint of the prediction interval of 1.5-3.5%.
The HKMA survey showed that economic analysts dropped their estimates of the 2018 manufacturing growth to 4.3%, lower than the median forecast of 5.5%. They also reduced the forecast of non oil domestic exports to 5.5% from the previous 5.8%.
However, analysts have raised forecasts for other areas of the 2018. The median estimate of the growth of private consumption increased from 2.2% to 3.1%. Wholesale and retail trade is expected to grow by 3%, higher than the median forecast of 2.2%.
The HKMA's latest survey also shows that analysts expect the first quarter of Singapore's GDP to grow 3.8% over the same period, higher than the median forecast of 3.4%.

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