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)