Singapore central bank adds new index to track economy
From: Xinhua
The Monetary Authority of Singapore (MAS) has produced a new measure to track the economy, which is hoped to give a better sense of economic activity, local media reported on Nov. 1.
The monthly composite index includes trade-related indicators, such as air cargo, sea cargo and industrial production, and financial measures such as bank loans, stockmarket turnover and forex turnover, local daily The Business Times reported.
Other indicators in the lineup are tourist arrivals, retail sales volume, certified construction payments, and IDD call volume.
As these indicators are available at a higher frequency, the newly-constructed Economic Activity Index (EAI) complements the quarterly advance GDP estimates from the Department of Statistics and provides useful information on monthly movements within any given quarter, the central bank said.
The EAI was constructed in Q3 this year, and made its debut in the central bank's October Macroeconomic Review last week.
The index released is in line with the latest third quarter advance GDP estimates, showing a sharp fall in overall growth momentum after a record sizzling first-half pace.
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