Tuesday, October 18, 2016

September NODX Slips Back Into Decline

Economic Research
18 October 2016
Singapore

Economic Highlights




Singapore’s non-oil domestic exports (NODX) fell 4.8% y-o-y in September, after coming in flat the month before. The decline was driven by corrections in both electronic and non-electronic NODX. The sluggish NODX will likely drag Singapore’s economic growth. We maintain our projections for GDP to grow 1.2% in 2017 and
1.4% this year.

By destination, shipments to seven of the top ten export markets contracted in September, with Malaysia, Indonesia and the US suffering the sharpest declines. Exports to Hong Kong, the EU and South Korea, however, rose, providing some mitigation.

We forecast for NODX to weaken in 2H and decline 4.8% for 2016 (-0.2% in 2015), weighed by slowing global growth. Further out, we expect NODX to improve slightly to -4.2% in 2017.

Economist:  Ng Kee Chou | +603 92802179


To access our recent reports please click on the links below:
19 September  2016: Not A Clean Bill Of Health




No comments:

Post a Comment

Note: Only a member of this blog may post a comment.

Related Posts with Thumbnails