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Non-oil domestic export to ease at 10% in 2011
Ongoing Eurozone debt crisis and the lacklustre US labor market are expected to hinder the growth of Singapore's non-oil domestic export, OCBC said.
From the 24% growth y-o-y in 2010, NODX is expected to drop at around 10% this year. Manufacturing growth is also expected to drop to a single-digit growth from the strong 30% y-o-y growth in 2010. The high 2010 base and the inherent volatility in the pharmaceutical industry is foreseen to affect the growth of the manufacturing sector.
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