Singapore: Economy grinding lower – Standard Chartered
Edward Lee, Chief Economist at Standard Chartered, points out that Singapore’s final Q3 GDP growth was revised lower to 2.2% y/y from the advance print of 2.6% and the downward revision was sharper than expected.
Key Quotes
“Manufacturing sector GDP growth was largely anticipated to be lowered, given a surprisingly soft industrial production print in September. Services growth, however, was also revised down by 0.5ppt to 2.4% y/y.”
“On a sequential basis, growth expanded for the sixth consecutive quarter by 3% q/q on a seasonally adjusted basis.”
“As a result, 9M-2018 GDP growth is now at 3.6% y/y. Despite the weaker-than-expected Q3 GDP print, full-year growth should come in within the government’s forecast of 3-3.5%, unless growth contracts sequentially in Q4.”
“Going into 2019, our core scenario is for GDP growth to decelerate to 2.7%, which is slightly higher than the mid-point of the government’s GDP projection of 1.5-3.5%.”
Author
Sandeep Kanihama
FXStreet Contributor
Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.
