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The Week in Numbers: China Factory Output Grows

China’s manufacturing sector’s growth accelerated in November in spite of the crackdown on air pollution and a cooling property market. The official Purchasing Managers’ Index was at 51.8 in November, a slight increase from 51.6 in October. A reading above 50 indicates growth. This is the 16th straight month of growth. The manufacturing sector has been one of the key drivers of China’s fast-growing economy of 6.9% so far this year.

The Monetary Authority of Singapore has flagged concerns over the property market in Singapore. It sees the en bloc growth and increasing land prices as major risks to the market’s stability. This stems from the mismatch between supply and occupation demand. A total of 20,000 new units are expected in the next two years, more than double the current supply pipeline. Population growth, on the other hand, has moderated to just 1.1% growth per annum from 2012 to 2017, a fall from 3% in the 2007-2012 period.

Meanwhile, business receipts for the services sector in Singapore grew by 6.3% in the third quarter of 2017 on an annual basis. All sectors of the industry reported growth last quarter, with information and communication reporting the biggest jump of 13.6%. Health and services were second on the list, posting a healthy 9.2% growth.

Singapore’s factory production once again reported another strong showing for the month of October. Manufacturing output grew by 14.6% in October from the same time last year. This is higher than September’s growth of 14.4%. All manufacturing sectors except biomedical (down 24.2%), and transport engineering (down 3.8%) expanded last month. Electronics lead the way with a 45.1% year-on-year growth. The report of this stellar performance came a day after Ministry of Trade and Industry upgraded its 2017 economic forecast to 3.5% from 3%.

Meanwhile, Taiwan has raised its 2017 economic forecast to 2.58% from 2.11%, due to stronger-than-expected exports and private consumption. The country has also increased its forecast for next year to 2.29% from 2.27%. The strong economic showing has led Taiwan to revise its forecast up four times this year.

Finally, United States’ online shoppers have spent more than US$1.52 billion during the holiday season, up to Thanksgiving evening. According to Adobe Analytics, which tracked 80% of online transactions at the top 100 US retailers, consumer spending rose 16.8% on an annual basis. The National Retail Federation is estimating that sales for November and December will rise by 3.6% to 4% this year.

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