Singapore Q1 GDP likely to be revised higher

Dhaka,  Fri,  22 September 2017
Published : 19 May 2017, 14:04:20

Singapore Q1 GDP likely to be revised higher

Singapore Q1 GDP likely to be revised higher
Singapore's economy likely performed better than initially expected in the first quarter thanks to a surge in factory output, although the outlook is clouded by slowing exports to China.

The median estimate by the 11 economists polled put gross domestic product (GDP) growth at 2.7 per cent in the January-March quarter from a year earlier.

That would be better than the official advance estimate of 2.5 per cent growth released last month.

On a seasonally adjusted, annualized basis GDP probably contracted by 1.0 per cent in the January-March quarter, compared to the advance estimate of a 1.9 per cent contraction, according to analysts surveyed by Reuters.

Singapore's manufacturing output beat expectations in March, ring 10.2 per cent from a year earlier, making analysts revise upwards their first quarter GDP forecasts, but weak export numbers in April cast a shadow on the outlook.

"We're on watch mode," said Mizuho Bank senior economist, Vishnu Varathan, adding that he is not revising his full year GDP forecast.

"We did see export numbers feeding into the story of moderation for the rest of the year. Q1 is not compelling enough for us to suggest suddenly the prospects are a lot more upbeat."

Singapore's non-oil domestic exports to China grew much slower in April at 10.9 per cent from a year earlier, compared to 45.5 per cent growth in March, according to Reuters.
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