Dear Valued Clients,
Welcome to our E-Newsletter August 2018
Another month passed and we are in the third quarter of 2018. Let me walk you through of Singaporean economy as influenced by continuous challenges and global trade tensions.
A Quick Look at Singaporean Economy Performance in Second Quarter
Singaporean economy recorded a 3.8% growth in the second quarter of 2018 on the year-on-year basis, which is 0.3% slower than economists’ expectation. The manufacturing and exports of electronics, one of Singapore’s main contributors of growth last year, has seen a decline in demand – the decline in electronics shipments for past six months is indeed a red flag of the sector’s overall demand. Despite the slow-growing momentum (the growth is 1.1% slower from the 9.7 % in the past quarter), the manufacturing growth remained the primer driver.
The continuous U.S.-China trade tensions, the slow growing momentum in manufacturing sector as well as the property cooling measures, are the significant COGs that have clouded the economy outlook for Singapore. Overall, the gross domestic product (“GDP”) has seen a 1.0 % growth in the second quarter from the past three months on an annualized and seasonally adjusted basis, though it is 0.2% slower than the median forecast. However, 3E Accounting Singapore believes that the competitive pressure translates into a daily challenge that could help us to grow.
Enhance Our Global Presence
Despite all these challenges, 3E Accounting International Network managed to achieve another performance goal in last month based on our long-term strategies (in terms of business activities and global exposure). Last month, we welcomed Bulgaria, a country in Southeastern Europe, to be our new network member.
We believe that effective international networking will bring in strategic advantage to the business. It is because the strong global network will improve customers’ access to global resources, increase agility, and allow business growth that goes beyond borders. The continuous demand for beyond-expectation service confirms our strategy and positioning in the global industry. In relation to this, we must factor in our good services as it demonstrated the resilience of our brand and reliability throughout the last few years.
On a final note, we remain alert and vigilant regarding both local and global market trend. We are always ready to adapt our business strategies in the fast-changing conditions. Despite many uncertainties out there, we are sure that we will continue to build our brand and reputation in the face of challenges. Allow me to express my gratitude and appreciations to all our clients, our stakeholders and all colleagues. Thank you for your continuous support and trust you have upon us, and we strive to do the best for all our clients.
Thank you.
Lawrence Chai
Managing Director
Read More in our E-Newsletter August 2018.
