Singapore's growth is projected to slow in 2016 and 2017 as a result of lacklustre global trade, particularly with key trade partners, ratings agency Moody's said Thursday. 
The country's real gross domestic product (GDP) growth was expected to slow to 1.6% in 2016 and 1.5% in 2017, it said, falling below the 2% growth of 2015, as well as the average of 4.5% between 2011 and 2014. 
The agency said that a slowing domestic manufacturing sector, as well as weaker economic activity among key trade partners such as China and Malaysia, contributed to the pared down forecast. 
The forecast was on the lower end of the government's own prediction of 1 to 3%. The Ministry of Trade and Industry said in May that the country had seen a 1.8% year-on-year expansion in the first quarter of the year. 
Moody's also revised its outlook on Singapore's banking system from stable to negative, reflecting the expected slowdown in economic and trade growth, as well as Singaporean banks' high exposure to vulnerable energy-related industries.