M3 Recovery Stretches Into May; “Brexit” Impact Awaits

Economic Research	01 July 2016
Singapore
Economic Highlights
M3 Recovery Stretches Into May; “Brexit” Impact Awaits Singapore’s broad money supply (M3) growth gained 3.1% y-o-y in May, rising cautiously from +2.8% the month before. Private credit demand drove most of the gains, increasing 4.6% y-o-y, from +4.0% a month ago, boosted by expanding consumer loans. Things were further improved as the island’s net foreign position increased and public demand for credit contracted at a slower pace than the month before. Meanwhile, government deposits surged 8.0 y-o-y in May, from a 6.5% gain the month before, thereby capping some of gains. Economist:  Ng Kee Chou | +603 92802179
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