GDP data and MAS remarks from Singapore

via Reuters:

  • Singapore's economy shrank 1.9 percent in the first quarter (Reuters survey of a contraction of 1.9 percent )
  • From the previous three months on an annualised basis (In the fourth quarter GDP had jumped 12.3 percent quarter-on-quarter.)
  • Weighed by contractions in manufacturing and services
  • Preliminary data showed on Thursday

More (again, via Reuters):

  • Singapore central bank MAS will therefore maintain the rate of appreciation of the S$NEER policy band at zero percent
  • Width of the policy band and the level at which it is centred will be unchanged
  • Assesses that a neutral policy stance will be needed for an extended period to ensure medium-term price stability
  • Current policy band provides some flexibility for the s$neer to accommodate the near-term weakness in inflation and growth

(Reuters issuing a correction, the statement did not say this)

  • Core inflation is projected to average 1-2%, compared to 0.9% in 2016
  • Says CPI-all items inflation is expected to rise to 0.5-1.5% from −0.5% last year

Singapore's central bank is the Monetary Authority of Singapore (MAS)