FW: RHB | Singapore | NODX Eased Further In December, Up 8.8% For 2017

 

 

 

 

 

 

Economic Research			18 January 2018
Singapore
Economic Update
NODX Eased Further In December, Up 8.8% For 2017   Singapore’s non-oil domestic exports (NODX) decelerated to 3.1% YoY in Dec 2017, undermined by broad-based weaknesses. For the full-year 2017, NODX jumped 8.8%, recovering from a 2.8% drop in 2016. In light of the latest reading, we believe that 2017 GDP will be revised down to 3.4% from 3.5%, closer to our estimate of 3.3%. Further, we maintain our forecast for NODX to grow 6.7% in 2018. Electronic NODX is expected to slow, dragged by a high base effect and the winding down of the smartphone super-cycle. However, increased production of smartphone antenna chips and non-electronic NODX should provide some support, in particular the pharmaceuticals and capital goods segments.    Economist: Ng Kee Chou | +603 92802179
To access our recent reports please click on the links below: 3 January 2018: 4Q GDP Easing, Domestic Demand To Aid 2018 Growth 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
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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