FW: RHB | Singapore | 4Q GDP Easing, Domestic Demand To Aid 2018 Growth

 

 

 

 

Economic Research			3 January 2018
Singapore
Economic Update
4Q GDP Easing, Domestic Demand To Aid 2018 Growth   Based on advanced estimates, Singapore’s economy slowed sharply in 4Q17 to +2.8% QoQ, seasonally adjusted and annualised. Manufacturing output reversed into a decline, offsetting an acceleration in services sector growth. For the whole of 2017, the economy grew by 3.5%. Going forward, while exports are expected to slow, the pace of softening would not be too severe, in our view. Moreover, there are signs of a pick-up in domestic demand, fuelled by: i.          A positive wealth effect; ii.          Pent-up demand; iii.         A recovery in the property sector. Private investments are also expected to increase, as corporates upgrade to adapt to incoming environmental regulations. Overall, we maintain our projection for Singapore’s GDP to grow 3% in 2018.    Economist: Ng Kee Chou | +603 92802179
To access our recent reports please click on the links below: 2 January 2018: Consumer Loans Pick Up In November 27 December 2017: Higher Transport Costs Lift November CPI 19 December 2017: NODX Starts To Slow Down 4 December 2017: Domestic Credit Demand Slowing Down 27 November 2017: IPI: Improvement Despite Pharmaceuticals Slump 24 November 2017: CPI Steady In October; Set To Rise In Last Two Months
Economics Team
Arup Raha	Group Chief Economist	arup.raha@rhbgroup.com		+65 6232 3896
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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