19 Sep '13, 4pm

S'pore NODX down 6.2%, economy may slip - Property Auctions News, Property Investment | PropertyGuru

According to IE Singapore, the republic’s NODX slid 6.2 percent on-year in August following a 1.9 percent contraction in July. August's NODX also marked the 7th consecutive monthly decline. Except for China and Hong Kong, non-oil domestic exports to all of Singapore’s top 10 markets fell last month, with the EU, South Korea and Taiwan recording the biggest decline. On the other hand, non-oil re-exports (NORX) rose 14.4 percent in August from a year ago following an 8.1 percent increase in July. “August’s NODX surprised market expectations on the downside by re-affirming our view of a Q3 contraction in growth,” said DBS Senior Economist Irvin Seah, echoing the views of his peers at Barclays, Citibank and Credit Suisse. “We have already pencilled in a contraction in our forecast for Q3 quarter-on-quarter GDP growth, but the August NODX report has raised (the) downward risks,...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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