Singapore’s economy is likely to remain strong in 1H11, driven by the services sector, says J.P. Morgan economist Matt Hildebrandt in a note.
“Looking ahead to 2011, we expect growth to be strongest in 1H and we expect growth drivers to rotate to services from manufacturing relative to 2010. Moreover, the economy overall should cool and we look for 5% growth in 2011.”
“Looking ahead to 2011, we expect growth to be strongest in 1H and we expect growth drivers to rotate to services from manufacturing relative to 2010. Moreover, the economy overall should cool and we look for 5% growth in 2011.”
The government expects 2011 GDP to grow 4% to 6%. Data released earlier today show Singapore’s GDP rose 14.7% in 2010 and also +6.9% on quarter in 4Q vs a 18.9% contraction in 3Q. Manufacturing output +28.2% on year in 4Q vs +13.8% in 3Q, while services +8.8% vs 10%, the data also show.
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