Private consumption costs up 0.6% in Q3

It is its slowest growth since downturn started in 4Q15.

Along with 1.1% GDP growth in 3Q16, Singapore has seen slow private consumption costs growth, up 0.6%.

According to UOB Flash Notes, this is its slowest growth since the sustained slowdown that started in 4Q 2015.

"This is possibly a result of the weaker real wage growth and less-tight labour market," UOB said.

More so, weaker consumer confidence has resulted in a collective "tightening your belt" situation amongs residents.

UOB noted that what is more worrisome is the 2.7% contraction in gross fixed capital formation, which tells that businesses were also a lot more cautious about spending money for the future, as they may find it pointless if demand is weak.