Robert Carnell, chief economist at ING, notes that Singapore’s 2Q19 GDP was 0.1%YoY, or -3.4%QoQ (annualised) and was worse than even ING’s own sub-consensus forecast of 0.8%YoY and -0.2%QoQ.

Key Quotes

“Manufacturing was the main culprit. A 6%QoQ annualised decline in 2Q19 accounts for much of the damage to 2Q GDP, though services seem also to have taken some collateral damage from this, declining by 1.5%. Quarterly construction activity also shrank by 7.6%, though for both services and construction, the year-on-year figures remained positive and we can put some of their 2Q quarterly weakness down to erratic seasonals.”

“Today's data suggest that waiting would put the economy in greater than necessary jeopardy. An imminent move, therefore, looks probable.”

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