Singapore data: Q3 GDP +9.2% q/q, still down y/y

Third quarter economic growth in Singapore rebounded q/q, ahead of Q2 but missed expectations:

 

  • Q3 GDP +9.2% q/q (seasonally adjusted rate) vs. expected 9.5%, prior 7.9%
  • Q3 GDP -5.8% y/y vs. expected -5.5%, prior -7.0%

 

More:

The Ministry of Trade and Industry has revised their 2020 GDP growth forecast to -6.5% to -6% (previous forecast -7% to -5%)

 

  • forecasts 2021 GDP growth of +4% to +6%
  • says 2020 sales volumes in consumer-facing sectors likely to remain below last year’s levels
  • says economic activity in consumer-facing sectors not likely to return to pre-covid levels even by end-2021
  • 2020 NODX forecast adjusted upwards to +4% to +4.5%
  • 2021 NODX forecast 0% to +2%
  • 2020 trade merchandise forecast adjusted upwards to -7.5% to -7%
  • 2021 trade merchandise forecast +1% to +3%

 

The forecasts are being bumped up a little as officials see an end in sight for COVID-19 outbreaks.