Slow-Rising M3 Points To Positive But Subdued GDP Growth

Economic Research	01 June 2016
Singapore
Economic Highlights
Slow-Rising M3 Points To Positive But Subdued GDP Growth Singapore’s broad money supply (M3) growth advanced 2.8% y-o-y in April, ticking higher from a 2.2% gain the month before. Private credit demand drove most of the gains, rising 4.0% y-o-y, from +2.5% a month ago, lifted by a smaller decline in corporate loans, and things were further improved as the island’s net foreign position increased 4.4% y-o-y, accelerating from a +0.6% crawl the month before. However, public demand for credit plummeted by 6.2% y-o-y in April, reversing its 5.4% gain the month before, thereby capping some of gains. Economist:  Ng Kee Chou | +603 92802179
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