Published:
GDP growth results “likely to disappoint”
This is according to OCBC following a contraction in manufacturing momentum.
OCBC noted:
| Q2 flash GDP growth (due tomorrow at 8am) is likely to disappoint at +0.9% yoy (-3.2% qoq saar) as manufacturing momentum contracts 5.7% yoy due to pharmaceutical volatility and electronics weakness. However, we expect this to be a soft patch rather than a double dip, as the biomedical cluster regain some momentum in H2, the advanced economies stabilize, and domestic services sectors (especially financial services and tourism-related services) to continue to sustain jobs and wage growth. We do not expect a technical recession to materialize as GDP growth should recover to around the 7% yoy handle in H2 to achieve close to 6% yoy for full-year growth. |
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