Maybank upgrades Singapore's real GDP growth forecast to +3.3%

Due to quarterly IP growth.

Maybank Kim Eng upgraded its 2013 real GDP growth forecast for the country to +3.3% from +2.8% on the back of improved industrial production growth in the latest 3rd quarter results.

"The full 3Q 2013 IP growth implies +0.3 percentage point upside to 3Q 2013 real GDP advanced estimate, ceteris paribus," said Maybank.

But the research firm maintained the +3.5% projection for 2014.

IP growth accelerated to 5.5% YoY in 3Q 2013 (2Q 2013: +1.3% YoY). The 3Q 2013 real GDP advance release – based on July-Aug 2013 data where manufacturing sector GDP was estimated to expand by 4.5% YoY – showed economic growth picked up to +5.1% from +4.2% in 2Q 2013.

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