Economic
Research
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18 October 2016
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Singapore
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Economic
Highlights
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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
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To
access our recent reports please click on the links below:
17 October 2016: MAS
Holds Out On Easing Despite Sharp Downturn In 3Q GDP
04 October 2016: August
M3 Picks Up But Loan Growth Continues To Deteriorate
27 September 2016: August
IPI Inched Higher From Low 2015 Base
26 September 2016: Smaller
Fall In August CPI As Road Tax Rebate Expires
19 September 2016: Not
A Clean Bill Of Health
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Tuesday, October 18, 2016
September NODX Slips Back Into Decline
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