Credit Suisse sees Singapore retail sales turning positive since 2013

SINGAPORE (July 27): Credit Suisse expects Singapore’s private consumption to surprise on the upside at 2.5% in 2017, up from its previous estimate of 0.3%.

The bank has also raised Singapore’s 2017 GDP forecast to 2.2%, up from 1.7% as a result. This contrasts sharply with the current consensus expectation of 1%.

“Driving this forecast change is our view that underlying retail sales has likely seen its worst days and is likely to continue improving over the rest of this year,” says Credit Suisse in a report which was published on Thursday.

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