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| MODEST RECOVERY IN 2003 |
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Singapore’s financial sector
saw a modest recovery in 2003 as improvements in the global
economic environment and a turnaround in equity markets lifted
the various segments. The financial services sector grew 3.7%.
The growth was strongly supported by the Asian Currency Unit
(ACU) segment, while foreign exchange (FX) trading, stock broking
and fund management also performed well. This marked a sharp
reversal to the 6.3% contraction in value-added in 2002. Nevertheless,
the financial sector saw mixed performance in the finance companies
and insurance segments.
Loans to non-bank customers in both the domestic and offshore
banking segments grew at 6.3% and 7.3% respectively, buoyed
by household loans and the regional economic recovery. In the
financial markets, stock market activity rose 94.6%, reaching
a monthly average trading volume of 18.1 billion in 2003. FX
turnover grew a strong 24.5% to a daily average of US$119.4
billion. Activity in the fund management industry was also boosted
by larger Asian equities mandates from institutional investors. |
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