FW: RHB | Singapore | Loan Growth Picked Up Despite Softening M3

 

 

 

 

 

Economic Research			2 October 2017
Singapore
Economic Update
Loan Growth Picked Up Despite Softening M3   Singapore’s money supply (M3), including Asian currency units, moderated to +6.9% YoY in August, driven by a sharp slowdown in net foreign position growth. Meanwhile, domestic demand for credit picked up, cushioning some of the downside. Going forward, we maintain our expectations for loan growth to slow to +4.2% in 2017 (+0.5% in 2016), on account of higher base effects and slower economic growth in 2H as well as a lull in public construction activities. Nevertheless, consumer loan demand is likely to rise gradually, supported by housing loans, cushioning some of the downside. Overall, we project for M3 to grow 5.6% in 2017, compared to +8.1% last year.   Economist:  Ng Kee Chou | +603 92802179
To access our recent reports please click on the links below: 27 September 2017 : IPI Slows Despite Pharmaceutical Rebound 26 September 2017: August CPI Remained Muted 19 September 2017: August NODX Surged On Semiconductor, PC Demand 5 September 2017: Loan Growth Softened In Financial, Commerce Sectors 28 August 2017: Robust Semiconductor Activity Propels July IPI
Economics Team
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
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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