Chart of the Day: Singapore private consumption slumps

It registered a 2.3% decline in Q4.

Singapore private consumption declined in the past quarter even as GDP grew 2.9%. According to Jefferies, consumption declined 2.3% in 4Q16.

"Comparing to 2004-2007 rate hike cycles, it is worthwhile to note that when Fed started to hike rates in June 2004, private consumption grew by 10.1% year-on-year in Singapore for quarter ending June 2004," said Jefferies.

The firm pointed out that the average growth for four quarters prior to that was 4.9% compared to 0.6% for the quarter ending December 2016.

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