Economic Research | 1 November 2017 | |||
Singapore | ||||
Economic Update | ||||
Singapore’s M3, including Asian currency units, moderated to +6.4% YoY in September. In contrast, private and public demand for credit, as well as net foreign position growth, improved. Going forward, we maintain our expectations for loan growth to reach 5.8% in 2018, from an estimated +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 gradually rise, supported by housing loans, cushioning some of the downside. Overall, we project for M3 to grow 6.2% in 2018, from 5.6% expected in 2017. Economist: Ng Kee Chou | +603 92802179 | ||||
To access our recent reports please click on the links below: 27 October 2017: IPI Remains On An Easing Trend 16 October 2017: MAS Stoic Despite Sharp 3Q GDP Rise 02 October 2017: Loan Growth Picked Up Despite Softening M3 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 | ||||
Economics Team | ||||
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 | ||
Rizki Fajar | Indonesia, Philippines | +6221 2970 7065 | ||
Aris Nazman Maslan | Malaysia, Vietnam | +603 9280 2184 | ||
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