Economic Research | 5 September 2017 | |||
Singapore | ||||
Economic Update | ||||
Loan Growth Softened In Financial, Commerce Sectors Singapore’s M3, including Asian currency units, eased to 8.1% YoY in July, undermined by softer gains in private demand for credit and net foreign position. Meanwhile, public demand for credit picked up, cushioning some of the downside. Going forward, we maintain our expectations for loan growth to slow in 2H, on account of slower economic growth in 2H17. For the full year, loan growth is projected to pick up to 4.2% in 2017 from +0.5% in 2016. Loans to the manufacturing sector are set to pick up on strong exports, while consumer loan demand would likely rise gradually, supported by housing. Economist: Ng Kee Chou | +603 92802179 | ||||
To access our recent reports please click on the links below: 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 27 July 2017: June IPI Surges As Underperformers Rebound | ||||
Economics Team | ||||
Lim Chee Sing | Chief Economist | +603 9280 2153 | ||
Peck Boon Soon | Chief ASEAN Economist | +603 9280 2163 | ||
Vincent Loo Yeong Hong | Malaysia, Vietnam | +603 9280 2172 | ||
Ng Kee Chou | Singapore, Thailand | +603 9280 2179 | ||
Zhang Fan | China | +8621 6288 9611 | ||
Rizki Fajar | Indonesia, Philippines | +6221 2970 7065 | ||
Aris Nazman Maslan | Malaysia, Vietnam | +603 9280 2184 | ||
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