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Economic
Research
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20 February 2017
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Singapore
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Economic
Update
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Singapore’s 4Q GDP rose
12.3% on a QoQ, seasonally adjusted, annualised basis, an upward revision
from 9.1% in the advance reading and a rebound from a 0.4% drop the quarter
before. Domestic demand recovered strongly after three consecutive quarters
of decline. Exports also picked up on robust demand for semiconductors and
biomedical products.
Going forward, we raise our projection for Singapore’s
GDP to grow 2.2% in 2017, from +1.4% previously, precipitated by:
i.
A stronger-than-expected upturn in external demand,
as US
economic growth continues to firm and G3 nations switch to fiscal stimulus
concurrently;
ii.
An expansionary 2017 Budget that will focus on Smart
Nation and education initiatives, which could benefit the logistics – and IT
& communications sectors.
Economist: Ng Kee Chou
| +603 92802179
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Monday, February 20, 2017
Prospects Brighten On Improved External Outlook
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