Economic growth data from SG for the third quarter

  • 2.1% q/q annualised vs 1.8% expected
  • +0.5 % y/y (0.4% expected)
  • MIT narrows 2019 GDP growth forecast to 0.5% to 1% (previous forecast zero to +1%)
  • MTI forecasts 2020 GDP growth of 0.5% to 2.5%
  • Q3 manufacturing +7.6 % q/q at annualised, seasonally adjusted rate
  • Q3 services +0.4 % q/q at annualised, seasonally adjusted rate
  • Q3 finance and insurance -0.5 % q/q at annualised, seasonally adjusted rate
  • 2019 non-oil domestic exports forecast revised down to -10.% to -9.5%
  • 2020 non-oil domestic exports forecast at 0% to 2%