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Singapore economy seen growing 3 percent in 2012

SINGAPORE (AP) — Singapore's central bank says a survey of analysts shows the economy will likely grow 3 percent this year, more than the previous estimate.

The survey of 21 analysts released Wednesday by the central bank showed that growth will likely be led by construction expanding 6.2 percent and manufacturing up 3 percent.

Analysts had expected the economy would grow 2.5 percent this year in a March survey. The government expects gross domestic product to expand between 1 percent and 3 percent this year, down from 4.9 percent last year.

The survey predicts the inflation rate will probably fall to 4.2 percent this year from 5.5 percent last year while the exchange rate will end 2012 at 1.24 Singapore dollars per U.S. dollar from a current SG$1.28.