GDP growth forecast stands at 2.3% for 2012

Growth for the second quarter may be revised upwards due to the rise in June industrial production.

OCBC noted:

The Q2 GDP growth may be revised upwards to 2.3% yoy (0.8% qoqsaar) following the acceleration of June industrial production to 7.6% (3.9% mom), from the initial 1.9% (-1.1% qoqsaar). Our full-year GDP growth forecast remains at 2.3% for 2012 and 3.5% for 2013.

June CPI rose 5.3% yoy, up from 5% in May due to elevated housing costs. MAS narrowed its full year 2012 inflation forecast from 3.5 – 4.5% to 4.0-4.5%, but kept its core inflation forecast unchanged at 2.5-3%.

June NODX beat market expectations, expanding 6.8% yoy (+6.7% mom sa), up from May’s 3.2% yoy (-2.0% mom sa) readings.

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