Friday January 06, 2006

Loans growth in Singapore falls below 1% in Nov 2005

business-times.asia1.com.sg :

Domestic loans growth fell to below 1% in November from 1.4% in October, continuing a worrying trend. But there were some tentative signs credit demand may start to pick up. According to the Monetary Authority of Singapore, domestic loans at end-November rose a fractional 0.88% to $181.8 billion, continuing a 12-month trend of lower growth.

Loans growth has been falling since November 2004, when it was 5.9%, despite strong economic growth. The loan-to-deposit ratio also seems to have plateaued. At end-November it was 0.814, against 0.811 in October which was a 15-year low. The loan-to-deposit ratio has been falling since it hit 0.90 in September 2003.

DBS Bank economist Chua Hak Bin says growth recovery has been unbalanced. 'There's this dichotomy going on - strong headline GDP numbers yet sluggish domestic demand,' he said. Growth in 2005 has been fuelled by exports. Private consumption has risen only 2.3% and investment contracted 4% in the first three quarters. Weakness in consumer demand may be due to Central Provident Fund (CPF) cuts and people's more cautious outlook, he believes.

(2006-01-06 15:18:34 SGT) [Biz] Permalink

Most popular blog postings on lowem.log :

1. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
2. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
3. 2010 Honda Civic Hybrid preliminary specifications released
4. Singapore SIBOR rate falls to 0.69% in Jan 2009, lowest since Apr 2004
5. How to insert currency exchange rates into Google Spreadsheets
6. Singapore : Nuclear power not ruled out
7. Live spot gold price quotes chart on COMEX
8. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option

Featured articles on lowem.log :

1. 2010 Honda Civic Hybrid preliminary specifications released
2. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
3. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
4. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
5. New efficient nanotech materials may boost enhanced geothermal power systems
6. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
7. Singapore property market recovery seen as private home sales surge 52% in Jul 2009
8. Singapore SIBOR rate falls to 0.69% in Jan 2009, lowest since Apr 2004