Singapore's Q2 GDP growth flash estimate jumped to 3.8%

As services growth rose to 5.5%.

According to OCBC, Q2 GDP growth was revised up from the flash estimate from 3.7% yoy (+15.2% qoq saar) to 3.8% yoy (+15.5% qoq saar), as services growth was also notched higher (5.5% yoy).

MTI upgraded its 2013 growth forecast from 1-3% to 2.5-3.5% yoy (OCBC forecast: 2.5%), citing that macroeconomic conditions are expected to pick up gradually in H2.

Here's more from OCBC:

Inflation remained tame in July at 1.9% yoy (+0.3% mom), albeit higher that June’s 1.8% yoy print.

Bank loans growth slowed further from 17.7% yoy (+0.7% mom) in June to 17.6% yoy (+1.2% mom) in July, as consumer loans eased to 13.2% yoy (+0.7% mom) even though business loans accelerated to 20.8% yoy (+1.6% mom), boosted by manufacturing, general commerce, and building & construction segments which rose on-month.

Housing loans remained fairly buoyant in July (+0.8% mom, +14.1% yoy), but could be frontloaded given that the TDSR was announced in end-July and its impact may only reflected in the coming months.

Note Singapore’s loan-to-deposit ratio has crossed 100% for the first time since the AFC when it peaked at 115% in 1997.

The $1.7b new 20-year bond issue saw a 3.4% cut-off yield with a low bid-cover ratio of 1.49x (below Feb 2008). There is a 2-year re-opening on 1 Oct. QE tapering expectations may still weigh on SGS bonds in Sep.

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