Upward revision of Singapore’s 1Q GDP seen

Standard Chartered Bank expects GDP growth to be changed a day before it is released by the Monetary Authority of Singapore.

The bank penciled in a 1.9 percent yoy GDP, up from an estimate of 1.6% announced in April.

In a statement, Standard Chartered Bank said the revision is due to the economy’s “better than expected” performance in March.

It noted, however, that growth numbers were likely depressed by a high base effect. 

Non-oil domestic exports (NODX) increased 6.1% y/y in Q1, while retail sales showed robust domestic consumption, with 9.1% growth. 

April NODX data is expected to rise to 2.7% y/y growth, following -4.3% in March. April NODX likely returned to positive territory due to a lower base effect and positive sentiment in the PMI, particularly on new orders.

In contrast, electronics exports are expected to have eased to 2.2% y/y from 2.8% in March.