High oil prices are kind of benefiting Singapore in a way. We're seeing some increase in the order books of all these companies, the oil rig manufacturers.
Euben Paracuelles
There's a trend now for central banks in the region to raise rates. Thailand has been raising rates since last year and it has served them well.
banks
Growth should accelerate next quarter and we expect the official forecast for the year to be raised. We are seeing signs of electronics improving.
growth improving signs
order kind oil books
The hike in pump prices, and electricity and gas tariffs that have also been raised, fed through to overall consumer prices. Given that the MAS expects a higher pass-through from oil, and for inflation to be higher even in 2006, the current policy stance will remain appropriate.
electricity oil inflation
There is significant saving on interest payments because of lower interest rates.
interest saving
They want to help pre-empt a build-up in inflationary pressures, which is likely to follow after the fuel price increase. They are now being more proactive rather than reacting to the situation.
price situation
It's a respectable number for the wrong reasons. It's still oil that's driving imports whilst electronics, which are the No.1 export, are still down. We will surely see some slowdown in exports.
wrong reasons oil driving
We are maintaining our full-year 2005 GDP estimate at 4.8 percent, which implies an improvement in the fourth quarter to 5.1 percent.
improvement
Continuous strength in the electronics sector will drive growth in NODX in December.
strength growth drive
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