Monday, October 2, 2017

FW: RHB | Singapore | Loan Growth Picked Up Despite Softening M3

 

 

 

 

 

Economic Research

2 October 2017

Singapore

 

Economic Update

 

 

 

Loan Growth Picked Up Despite Softening M3

 

Singapore’s money supply (M3), including Asian currency units, moderated to +6.9% YoY in August, driven by a sharp slowdown in net foreign position growth. Meanwhile, domestic demand for credit picked up, cushioning some of the downside.

Going forward, we maintain our expectations for loan growth to slow to +4.2% in 2017 (+0.5% in 2016), on account of higher base effects and slower economic growth in 2H as well as a lull in public construction activities. Nevertheless, consumer loan demand is likely to rise gradually, supported by housing loans, cushioning some of the downside. Overall, we project for M3 to grow 5.6% in 2017, compared to +8.1% last year.

 

Economist:  Ng Kee Chou | +603 92802179

 

 

To access our recent reports please click on the links below:

27 September 2017 : IPI Slows Despite Pharmaceutical Rebound

26 September 2017: August CPI Remained Muted

19 September 2017: August NODX Surged On Semiconductor, PC Demand

5 September 2017: Loan Growth Softened In Financial, Commerce Sectors

28 August 2017: Robust Semiconductor Activity Propels July IPI

 

Economics Team

Peck Boon Soon

Chief ASEAN Economist

bspeck@rhbgroup.com

+603 9280 2163

Vincent Loo Yeong Hong

Malaysia, Vietnam

vincent.loo@rhgroup.com

+603 9280 2172

Ng Kee Chou

Singapore, Thailand

ng.kee.chou@rhbgroup.com

+603 9280 2179

Rizki Fajar

Indonesia, Philippines

rizki.fajar@rhbgroup.com

+6221 2970 7065

Aris Nazman Maslan

Malaysia, Vietnam

mohd.aris.nazman@rhbgroup.com

+603 9280 2184

 

 

 

 

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