FW: RHB | Singapore | Private Spending Rebounds As GDP Hits Four Year High

 

 

Economic Research			24 November 2017
Singapore
Economic Update
Private Spending Rebounds As GDP Hits Four Year High   Singapore’s 3Q17 economic growth was revised upwards to an annualised (Ann.) rate of 8.8% QoQ, seasonally adjusted (SA), from +6.3% estimated previously, and compared to +2.2% in 2Q. The island’s manufacturing and services sector grew quicker than initially assumed, while construction activities fell at a slower clip. Going forward, we project for Singapore’s GDP to moderate in 4Q, on account of the high-base effect from 2016 and softer export growth. Private consumption, however, is set to pick up, buoyed by positive consumer sentiment and pent-up demand. Overall, we raise our forecast for GDP to expand 3.3% this year, from +2.7% earlier. Next year we expect for GDP to ease to +3%.   Economist:  Ng Kee Chou | +603 92802179
To access our recent reports please click on the links below: 20 November 2017: October NODX Surged But Electronics Slowing Down 01 November 2017: Loan Growth And M3 Diverge 27  October 2017: IPI Remains On An Easing Trend   16 October 2017: MAS Stoic Despite Sharp 3Q GDP Rise 02 October 2017: Loan Growth Picked Up Despite Softening M3 27 September 2017 : IPI Slows Despite Pharmaceutical Rebound
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

 

 

 

This message is intended only for the use of the person(s) to whom it is addressed and may contain information that is privileged or otherwise protected from disclosure. If you are not the intended recipient you are hereby notified that any use, review, disclosure or copying of this message and the information it contains is prohibited. If you receive the message in error, please notify the sender by reply e-mail and discard all its contents.   Thank You.