Export orders growth has started to rebound.
According to DBS, industrial production for October and the final estimate of the 3Q GDP are due today. Industrial production growth is expected to rise to around 4% YoY, up from 3.0% in the previous month.
Here's more from DBS:
Export orders growth has picked up further to 3.2% YoY in October after turning positive in September (1.9%). This corroborates our view of a modest recovery in exports and manufacturing growth, on the back of recovering demand from mainland China.
The 3Q GDP growth should be fairly close to the preliminary estimate of 1.0% YoY. The statistics agency has revised down the annual growth forecast for seven times so far this year when announcing the quarterly GDP estimates.
As the economy has showed some nascent signs of recovery since September, as reflected in the key data including export orders, exports and industrial production, a further downgrade in the official growth forecasts (1.05% for 2012 and 3.09% for 2013) could be averted this time.
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