14 Oct '11, 12am

GDP up 1.3% in Q3, annual forecast cut to 5 per cent; MAS to reduce slope of policy band

Singapore cut its economic growth forecast for this year to 5 per cent from a range of 5 to 6 per cent previously, the Ministry of Trade and Industry (MTI) said in a statement today. Gross domestic product increased an annualised 1.3 per cent last quarter from the previous three months, when it shrank a revised 6.3 per cent, the Trade Ministry said in a statement this morning. The Monetary Authority of Singapore (MAS), which uses the Singapore dollar as its main tool to manage inflation, said it will reduce the slope of the policy band of its currency and continue with a modest and gradual appreciation. Core inflation should ease in 2012, said the MAS in its Monetary Policy Statement this morning. As a result, "MAS will continue with the policy of a modest and gradual appreciation of the S$NEER policy band in the period ahead ,,. though the slope of the policy band will be...

Full article: http://www.todayonline.com/Singapore/EDC111014-0000379/MA...

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