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PR Newswire
18-09-2013, 10:20 AM
Worth noting...
Surprise fall in exports threatens 2013 growth target
SINGAPORE — The Republic may find it a struggle to meet its target for non-oil domestic export (NODX) growth this year, analysts said, after a surprise decline in shipments last month showed that manufacturers continued to face difficulties. Despite signs of a recovery in global demand, both electronics and non-electronics exports fell.
Singapore’s gross domestic product (GDP) is also in danger of shrinking into negative territory in the third quarter after growing at an unusually strong annualised on-quarter pace of 15.5 per cent in April to June.
NODX fell 6.2 per cent on-year last month, International Enterprise (IE) Singapore said, worsening from July’s revised 1.9 per cent drop and surprising analysts’ expectations of a 2.3 to 2.4 per cent increase.
“NODX contracted for the seventh consecutive month in August, declining 7.7 per cent year-to-date,” UOB economist Francis Tan said. “With that, we are lowering our full year NODX forecast from -1 per cent to -3 per cent.”
This is lower than the 0 to 1 per cent full-year target for NODX growth that IE Singapore forecast last month. With exports under pressure, Singapore’s economic growth might also feel the pinch, Credit Suisse analyst Michael Wan cautioned.
“It seems to us that third-quarter GDP will in all likelihood be in negative territory,” Mr Wan said. “We estimate that third-quarter GDP could contract by about 3.5 per cent on-quarter, down from an unusually strong 15.5 per cent rise the previous quarter.”
The sentiment is at odds with the improving outlook following July’s data, where a slower pace of decline provided hope of a gradual recovery in demand.
...
http://www.todayonline.com/business/surp...wth-target
Surprise fall in exports threatens 2013 growth target
SINGAPORE — The Republic may find it a struggle to meet its target for non-oil domestic export (NODX) growth this year, analysts said, after a surprise decline in shipments last month showed that manufacturers continued to face difficulties. Despite signs of a recovery in global demand, both electronics and non-electronics exports fell.
Singapore’s gross domestic product (GDP) is also in danger of shrinking into negative territory in the third quarter after growing at an unusually strong annualised on-quarter pace of 15.5 per cent in April to June.
NODX fell 6.2 per cent on-year last month, International Enterprise (IE) Singapore said, worsening from July’s revised 1.9 per cent drop and surprising analysts’ expectations of a 2.3 to 2.4 per cent increase.
“NODX contracted for the seventh consecutive month in August, declining 7.7 per cent year-to-date,” UOB economist Francis Tan said. “With that, we are lowering our full year NODX forecast from -1 per cent to -3 per cent.”
This is lower than the 0 to 1 per cent full-year target for NODX growth that IE Singapore forecast last month. With exports under pressure, Singapore’s economic growth might also feel the pinch, Credit Suisse analyst Michael Wan cautioned.
“It seems to us that third-quarter GDP will in all likelihood be in negative territory,” Mr Wan said. “We estimate that third-quarter GDP could contract by about 3.5 per cent on-quarter, down from an unusually strong 15.5 per cent rise the previous quarter.”
The sentiment is at odds with the improving outlook following July’s data, where a slower pace of decline provided hope of a gradual recovery in demand.
...
http://www.todayonline.com/business/surp...wth-target
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