FW: RHB | Singapore | August NODX Surged On Semiconductor, PC Demand

 

 

 

 

Economic Research			19 September 2017
Singapore
Economic Update
August NODX Surged On Semiconductor, PC Demand   Singapore’s NODX surged 17% YoY in August, more than doubling from an 7.6% climb the month before. The acceleration in growth was broad-based, with both electronic NODX and non-electronic NODX making healthy gains from a month earlier. Going forward, we maintain our forecast for NODX to rebound to +6.5% in 2017, from -2.8% the year before. In the US, hurricanes Irma and Harvey, as well as sluggish wage growth may, in our view, stall but not derail economic growth. A slowdown in Chinese economic indicators should result in 2H growth rising at a more moderate pace compared to the start of the year. Indeed, NORI has started to come off the boil, contracting 5.9% YoY on a seasonally adjusted basis in August.   Economist:  Ng Kee Chou | +603 92802179
To access our recent reports please click on the links below: 5 September 2017: Loan Growth Softened In Financial, Commerce Sectors 28 August 2017: Robust Semiconductor Activity Propels July IPI 24 August 2017: July CPI Rises On Retail And Transport Improvements 18 August 2017: July NODX Slowed Slightly, E&E Rebounded 14 August 2017: 2Q GDP Revised Higher On Stronger Services Output 01 August 2017: Stronger Foreign Inflows Boost June M3 Growth
Economics Team
Lim Chee Sing	Chief Economist	cslim@rhbgroup.com		+603 9280 2153
Peck Boon Soon	Chief ASEAN Economist	bspeck@rhbgroup.com		+603 9280 2163
Vincent Loo Yeong Hong	Malaysia, Vietnam	vincent.loo@rhgroup.com		+603 9280 2172
Ng Kee Chou	Singapore, Thailand	ng.kee.chou@rhbgroup.com		+603 9280 2179
Zhang Fan	China	zhang.fan@rhbgroup.com		+8621 6288 9611
Rizki Fajar	Indonesia, Philippines	rizki.fajar@rhbgroup.com		+6221 2970 7065
Aris Nazman Maslan	Malaysia, Vietnam	mohd.aris.nazman@rhbgroup.com		+603 9280 2184

 

 

 

 

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