Singapore’s Business Loans Extend Decline In July

Economic Research	01 September 2016
Singapore
Economic Highlights
Singapore’s Business Loans Extend Decline In July Singapore’s broad money supply (M3) growth climbed 5.5% y-o-y in July, accelerating from +4.2% the month before. Public demand for credit recovered, rising 2.9% y-o-y in July, after a 1.5% fall the month before. Meanwhile, private credit demand also picked up to +3.8% y-o-y, from +3.0% in June, supported by a smaller decline in corporate loan growth. On top of that, the island’s net foreign position also improved after slowing drastically in June. However, government deposits expanded 3.0 y-o-y in July, from a 2.0% gain the month before, capping some of gains. Economist:  Ng Kee Chou | +603 92802179
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