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Weaker H2 recovery prompts Singapore to cut NODX growth forecast

The forecast was narrowed to +4.0% to +5.0%

Singapore has lowered its full-year growth forecast for non-oil domestic exports (NODX) to +4.0% to +5.0% amidst a weaker-than-expected recovery in H2 2024.

The earlier forecast for 2024 NODX was +4.0% to +6.0%.

Additionally, the first-half figure for NODX was also weak, dragged by pharmaceuticals. In Q2 2024, NODX declined by 6.4% YoY, a sharper decline from the 3.4% YoY drop in Q1 2024

In H2 2024, Enterprise Singapore expects the electronics sector recovery to drive NODX growth amidst rising demand for AI servers and consumer devices.

Meanwhile, Singapore also narrowed the forecast for the full-year merchandise trade to +5.0% to +6.0%.

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