Still going strong

Article Abstract:

Singapore's economy exceeded third-quarter expectations by growing at a 9% rate, boosting the year-long forecast 1%, to 8-9%, chiefly on the strength of manufacturing's 12.3% expansion. Productivity growth in that sector hit 8.6% vs 3.9% in the overall economy, while business costs rose just 2.2%; electronics led the growth by soaring 19%. However, despite low consumer- price inflation, forecasters predict higher production costs and a 7-8% rise in wages in 1995. That may force a transition to a service-based economy.

Statistics, Economic development

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Luring new wealth

Article Abstract:

An increasing number of banks are establishing private banking operations in Singapore including from Europe and the US. An executive with Citibank's Private Banking Group estimates that the market for these services in Singapore is growing at a 20% annual rate. Most private banking business conducted in Singapore is generated offshore as most residents do not have the large minimum assets required for private banking accounts. More banks are beginning to open private banking offices in nearby Malaysia.

Commercial Banks, Commercial Banking, Banking industry, Asia, Private banking

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Hints of recovery

Article Abstract:

Singapore's economy is recovering from a period of low activity, say analysts. Forecasts anticipate a period of steady growth commencing in 2nd qtr 1997. Gross domestic product is expected to be 6% in 1996 according to government estimates. Manufacturing investments totalled 2.6 billion Singapore dollars in 3rd qtr 1996. The Singapore Straits Times Industrial Index fell by 5.2% in 3rd qtr 1996.

Administration of General Economic Programs, Economic Statistics & Research, Financial Forecasting, Manufacturing industry, Manufacturing industries, Investments, Economic conditions, Business forecasting

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