Singapore’s 2Q GDP grew much faster than expected at 2.9% y-o-y (consensus:2.5%) and, more significantly, at 2.2% on a seasonally adjusted quarter-on-quarterannualized basis (consensus: 0.5%). A pick-up in trade starting from the tail end of2016has been one of the primary drivers to the country’s faster-than-expectedgrowth, providing a boost to both its manufacturing and services sectors. Therecent result has thus left the government more sanguine about the economy,narrowing its GDP growth forecast for 2017from 1-3% to 2-3%. We expect theeconomy to grow at 2.5% in 2017and the Monetary Authority to keep policyunchanged until the April 2018meeting.

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