April figures provided a certain amount of positive news for the Singaporean economy. Firstly, non-oil domestic exports rose by +11.8% y/y in April (after -3.2% in March) thanks to a rise in non-electronic exports. Demand was driven by the EU (+45.4% y/y), the US (+37.8%) and China (+26.8% y/y). Secondly, manufacturing production gained some traction (+9.1% y/y in April from +6.1% y/y in March) driven by chemicals and electronics. Thirdly, the SIPMM manufacturing PMI continues to suggest firm growth in the short run despite a slight decrease (52.9 in April from 53 in March). For now, the main drag on economic growth is the construction sector hindered by weaker growth in private demand. Against this background, we expect a slightly slower - but still healthy - economic growth of +3% in 2018 (compared to +3.6% in 2017).