Singapore’s inflation inches higher to 4.1%

While GDP growth is expected to hit 6.2%yoy in 2011, according to the latest MAS survey.

Industrial production for May also fell to -17.5%.

Here’s more from OCBC:

• In the latest MAS survey, private sector consensus forecasters tips GDP growth is seen at 6.2% yoy in 2011 while inflation is seen to inch higher to 4.1% in 2011, with the SGD expected to strengthen towards 1.21 by end-2011.

• MAS has imposed tougher capital rules than Basel III which kick in from 1 Jan 2013 – the Tier1 CAR will be raised from 6% to 8%, and introduce a capital conservation buffer of 2.5%. As “each of the Singapore incorporated banks is systematically important in Singapore and has a substantial retail presence”, MAS expects the higher capital requirements to “further strengthen their ability to operate under stress conditions”.

• NODX rose more than expected by 7.8% yoy (+7.5% mom sa) in May, marking a rebound from the revised -2% in April, due to higher pharmaceuticals (+61.8% yoy) even as electronics exports continue to sink 15.2% yoy. Despite the rise in NODX, May’s industrial production numbers were at a disappointing -17.5% yoy (-3.8% mom sa), dragged down by the contraction of the biomedical sector at -42.1% yoy.

• The H2 land sales program will include 43 residential, commercial and hotel sites, of which 19 will be on the confirmed list and another 24 on the reserve list. The 17 confirmed residential sites can yield 8,115 new private homes and ECs, adding to the H1 program for 9,395 units. Meanwhile, MND minister Khaw warned that ‘sharp property price increases cannot go on forever.”

Also Read

NODX contraction eases to 9.3% YoY in April

DP Lawrence Wong seen staying on ‘same growth, policy path:’ expert

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