Economists have upgraded Singapore's 2006 economic growth forecast to 7.8 percent from 7.1 percent previously, according to results of a latest survey issued by the Monetary Authority of Singapore (MAS) on Thursday.

"In the December survey, the respondents had either maintained or raised their full-year growth forecasts for all the major sectors, with the exception of hotels and restaurants," said the MAS, Singapore's central bank.

The 7.8 percent forecast is at the higher end of the Ministry of Trade and Industry's (MTI's) revised forecasts of 7.5 and 8 percent in November, after the robust growth of gross domestic product (GDP) in the third quarter of 7.2 percent.

The MTI also estimated the economic growth for 2007 to be 4 percent and 6 percent.

While economists have revised the growth target to 5.2 percent from 5.1 percent previously.

The survey was sent out to a total of 22 economists and analysts and received from 16 respondents.

Source: Xinhua