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1、Economics-DataReactions11August2017TradeLiftJosephIncalcaterraSingapore’sGDPbeatexpectationsEconomistTheHongkongandShanghaiSingapore’s2QGDPgrewmuchfasterthanexpectedat2.9%y-o-y(consensus:BankingCorporationLimited2.5%)and,moresignificantly,at2.2%onase
2、asonallyadjustedquarter-on-quarter+85228224687joseph.f.incalcaterra@hsbc.com.hkannualizedbasis(consensus:0.5%).Apick-upintradestartingfromthetailendof2016hasbeenoneoftheprimarydriverstothecountry’sfaster-than-expectedgrowth,providingaboosttobothitsma
3、nufacturingandservicessectors.TheNoelanrecentresulthasthusleftthegovernmentmoresanguineabouttheeconomy,ArbisnarrowingitsGDPgrowthforecastfor2017from1-3%to2-3%.Weexpecttheeconomytogrowat2.5%in2017andtheMonetaryAuthoritytokeeppolicyEconomistTheHongkong
4、andShanghaiunchangeduntiltheApril2018meeting.BankingCorporationLimited+85228224325noelan.arbis@hsbc.com.hkFacts-Singapore’sGDProse2.2%onasaarq-o-qbasis,beatingconsensusforecastof0.5%andtheViewHSBCGlobalResearchat:http://www.research.hsbc.comgovernmen
5、t’sinitialestimateof0.4%.The2.9%GDPgrowthony-o-ybasisalsobeatconsensusof2.5%.Issuerofreport-Privateconsumptionexpenditureexpandedby0.1%aftertwoquartersofnegativegrowth.TheHongkongandShanghaiBankingCorporationLimitedMeanwhile,grossfixedcapitalformatio
6、n(GFCF)contractedforfourthstraightquarter,decliningDisclosures&Disclaimerby7.3%.Thisreportmustbereadwiththedisclosuresandtheanalyst-Inlightoftherecentresults,theMinistryofTradeandIndustry(MTI)hasnarrowedthefullyearcertificationsintheDisclosureappendi
7、x,andwiththeDisclaimer,forecastfortheeconomyto2-3%,fromanearlierrangeof1-3%.whichformspartofit-PrimeMinisterLeeHsienLoong,inhisannualNationalDayspeechon9August,alsosaidthatthegovernmentexpectstheeconomytogrowbyaround2.5%thisyear,inlinewithHSBCforecas
8、t(Bloomberg,11August2017).ImplicationsSingapore’smanufacturingsectorhashandsomelybenefittedfromtherecentpick-upinglobaltrade,particularlyfromstrongChinesedemandforelectronicsandothermanufacturedgoods(Bloomberg,11August2017).Themanufacturingsectorgrew
