Singapore: Flash Q2 GDP surpasses estimates – UOB – by pabspiovano Singapore GDP Banks
Key Takeaways
Growth in 2Q continued to be dragged by the weakness in manufacturing while services sector anchored growth as it picked up pace to 1.3% q/q, 3.0% y/y in 2Q and construction activity also rose by 2.6% q/q, 6.6% y/y . Based on MTI’s advance estimates, Singapore’s manufacturing sector contracted by -7.5% y/y in 2Q. Factoring the 6.5% y/y and 10.8% y/y contractions for industrial production in Apr and May, this implies that MTI expects the manufacturing sector to contract by a smaller -5.2% y/y in Jun. However, as we think that manufacturing may contract in excess of 10% in Jun, the risk of 2Q GDP’s 0.3% q/q growth being revised into negative territory is quite high.
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