Boston, MA -- (SBWIRE) -- 12/22/2012 -- Private consumption growth in Singapore slowed to 1.8% year-on-year (y-o-y) in Q212 from 4.7% in Q112, its worst performance since Q209. However, given the city-state's robust employment, along with rising wages and stable asset prices, we expect private consumption to bounce back in the second half of the year. Singapore's already tight labour market got even healthier in Q212, creating 29,200 new jobs as the overall unemployment rate (one of the lowest in the world) fell from 2.1% to 2.0%. Despite relatively soft overall economic growth, employers remain relatively optimistic regarding hiring prospects in the second half of the year. Moreover, the strong demand that we have seen in both housing and vehicle sales continue to point to the underlying strength of the Singaporean consumer. Although we have revised our private consumption growth outlook down to 4.5% from 5.3% previously in line with H112 numbers, we maintain a relatively sanguine outlook food and drink sector.

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Headline Industry Data (local currency)

- 2012 food consumption = +3.1%; compound annual growth rate (CAGR) forecast to 2016 = +3.2%
- 2012 alcoholic drink value sales = +9.6%; CAGR forecast to 2016 = +6.5%
- 2012 soft drink value sales = +5.0%; CAGR forecast to 2016 = +3.5%
- 2012 mass grocery retail sales = +3.0%; CAGR forecast to 2016 = +2.8%

Industry Trends & Developments

A Mixed Bag Of Financial Results: Singapore-based cocoa ingredients and chocolate confectionery manufacturer Petra Foods has expressed concern over the expected decline in its cocoa ingredients business in 2012. The firm's sales from cocoa ingredients fell around 13% y-o-y in Q112 (ended March) due to lower cocoa prices. Earnings before interest, tax, depreciation and amortisation from the firm's cocoa ingredients division increased 1.4% y-o-y during the quarter. Singapore-based conglomerate Auric Pacific witnessed a mixed financial performance for the year ending December 2011. Auric Pacific reported revenue growth of 0.3% and net profit growth of 12.4% for the year ending December 2011. However, a closer look into Auric Pacific's segment results reveals a mixed showing among its business divisions.

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