Singapore Q3 GDP, released on Thursday, is likely to show a sharp fall in q/q annualised terms but this will mainly just be pay-back from the spectacular gains seen in the first half of this year. These data are very volatile and the economic upswing is essentially just slowing to a pace that is more normal and can be sustained in 2011. Exports and manufacturing growth will inevitably ease further in coming quarters but the pick-up in the services sector should stay rapid.
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