Singapore exports slump in Q3, forecast for year downgraded
Exports in Singapore slumped in the third quarter, declining 5.4 per cent from the previous year, according to figures released by International Enterprise (IE) Singapore on Thursday (Nov 24). The contraction follows a 0.2 per cent decline in non-oil domestic exports (NODX) in the second quarter, and comes after exports plunged 12 per cent in October. Exports for the rest of the year are likely to remain gloomy, with IE Singapore downgrading its forecast to between -5.5 and -5 per cent from between -4 and -3 per cent. However, the trade agency said growth is likely to pick up next year, with exports expected to come in at -1 to 1 per cent. “For 2017, global growth is projected to pick up slightly as compared to 2016, supported by improvements in the growth outlook for advanced and developing economies like the US, Japan, NIEs and ASEAN,” IE Singapore said.
Singapore economy grows 1.1% in Q3; MTI narrows full-year forecast
The Singapore economy grew more than expected in the third quarter, with gross domestic product (GDP) coming in at 1.1 per cent compared to a year ago, according to the Ministry of Trade and Industry (MTI) on Thursday (Nov 24). The final year-on-year GDP figure for the July to September period was higher than the advance reading of 0.6 per cent, and exceeded a forecast of 1 per cent by 17 economists in a Reuters survey. On a quarter-on-quarter, seasonally adjusted annualised basis, the local economy shrank 2 per cent, coming in better than advance estimates of an unexpectedly sharp 4.1 per cent contraction. Economists surveyed by Reuters had expected Singapore’s third-quarter GDP growth to be down 2.5 per cent from the previous three months.
Prices stabilise after long and slow decline
Singapore’s longest spell of negative inflation looks to be nearing an end as oil prices bottom out and stabilise. The country experienced its 24th straight month of negative inflation in October, as the consumer price index – the main measure of inflation – logged a 0.1 per cent contraction over the same month a year ago. This was the smallest fall in two years. Lower oil prices and falling car prices and accommodation costs – partly due to the soft property market – have been the main drivers behind this two-year bout of negative inflation. The consumer price index has fallen 0.7 per cent in the January to October period compared with last year. However, this has had minimal impact on the average household. Prices of necessities such as food, education and healthcare have continued to creep upwards.
October prices firmer, but still worrisome
Changes in Singapore’s consumer prices in October seemed to be on the uptick from be the only one here investing solely in software startups a month ago, but economists still say it’s not enough.
Singapore Real Estate
Kallang BTO flats enjoy strong demand among second-time buyers
Flat-buyers continued to flock to the Build-To-Order (BTO) flats in Kallang launched on Tuesday, with the four-room units in the project seeing 675 applications for the 158 units available, or 4.3 applications per unit. Second-time buyers dominated the demand, with 20.4 applications for every unit available to this group as of 5pm on Wednesday (Nov 23). Among first-time buyers, the application rate was 3.5.
Guangdong sets up direct customs clearance in Keppel Cove
Guangdong’s first customs, immigration, quarantine and port-clearance (CIQP) post in a private marina opened on Wednesday in Keppel Cove – marking the launch of the pilot project for direct sailing between Zhongshan City and Macau. Keppel Cove is a residential cum marina lifestyle development in Zhongshan City by Singapore developer Keppel Land. “The direct CIQP clearance at its private marina is a significant highlight for its home owners, as well as an important milestone in the development of the yachting industry and tourism in the Pearl Delta region,” Keppel Corp, parent of Keppel Land, said in an after-market announcement on Wednesday.
Views, Reviews & Forum
Interest in home loan refinancing rising
Some banks and mortgage advisers are reporting a rise in home loan refinancing inquiries as borrowers seek to lock in favourable interest rates amid concerns that they could soon rise. When a borrower refinances, he replaces an existing home loan package with a new and more competitive one from a different bank. Personal finance website Get.com said such requests have climbed after Mr Donald Trump won the presidential election in the United States earlier this month. “There has been a slight pick-up in refinancing inquiries over the course of last week… as news of the Trump presidency started to sink in and market expectations of an interest rate hike in December become more intensified,” said Ms Grace Cheng, co-founder of Get.com.
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