Singapore economy seen growing 5.3 percent in 2011

SINGAPORE — Singapore’s central bank says a survey of analysts shows the economy will likely grow 5.3 percent this year, less than the previous estimate.

The survey of 20 analysts conducted by the central bank showed that growth will likely be led by financial services expanding 9.6 percent and a 5.4 percent increase in manufacturing.

Analysts had expected the economy would grow 6.2 percent this year in the previous survey in June and 5.7 percent in the March survey.

The inflation rate will probably rise to 4.5 percent this year. It was 2.8 percent in 2010. The unemployment rate will be 2.2 percent and the exchange rate will end 2011 at 1.19 Singapore dollars per U.S. dollar, the survey predicts.