Singapore's economy grew slightly less than initially estimated in the fourth quarter from a year ago, official data showed on Monday, and the government kept its forecast for annual growth to come in at 0.5% - 2.5% this year.
Analysts said that some services industries will fare better this year amid China's reopening, while manufacturing, especially electronics, is likely to weigh on growth in the short-term.Singapore has seen some slight signs of price pressures easing in recent months but inflation still remained elevated at about 5%.
"One of the important sources of inflation that we will be monitoring and analysing quite carefully through this year is related to the labour market conditions both overseas in our key export markets, as well as domestically," Robinson said. "Inflation is likely to subside gradually in 2H23, but likely in fits and starts amid the volatile commodity prices, including food and energy," said Selena Ling, head of treasury research and strategy at OCBC.
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