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Economic Research
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3
April 2017
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Singapore
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Economic Update
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Singapore’s broad money supply (M3), including Asian currency units,
grew 9% YoY in February, accelerating from an 8.7% rise the month before. The
pick-up in gains was broad-based. Going forward, M3 is expected to
grow at around its current rate in the next few months, supported by
expectations of further US Federal Reserve rate hikes and an improving export
outlook.
However, things may soften in
the latter part of the year as M3 continues to outpace loan growth by a wide
margin, hinting at elevated amounts of hot money. We maintain our forecast
for M3 to expand 5.6% this year, from +4.2% in 2016.
Bank lending expanded 3.5%
YoY in February, backed by rising loan demand from both the commercial and
consumer segments.
Economist: Ng Kee Chou | +603 92802179
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Monday, April 3, 2017
M3 Momentum Accelerates On Broad-Based Gains
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