Quote: Surprised by the dismal performance, private-sector - TopicsExpress

Quote: Surprised by the dismal performance, private-sector economists now say that full-year GDP growth will fall short of earlier forecasts - and will, in all likelihood, be lower than 2013s 3.9 per cent expansion. Contrary to expectations, factory output declined 2.5 per cent in May year-on-year (sharply down from Aprils upwardly- revised 5.3 per cent increase), pulled lower by drops in both the electronics and biomedical manufacturing clusters. Economists polled by Bloomberg before the Singapore Economic Development Board (EDB) released the numbers yesterday had been expecting industrial production to rise by 2.4 per cent; only two of the 23 economists surveyed had anticipated Mays contraction in factory output.

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