5 things to know before the Singapore market trades this week: May 25-31

Key inflation data for Singapore is out on Monday at 1pm. April consumer prices are seen falling for the sixth straight month as shown by a Reuters poll. -- PHOTO: ST FILE
Key inflation data for Singapore is out on Monday at 1pm. April consumer prices are seen falling for the sixth straight month as shown by a Reuters poll. -- PHOTO: ST FILE

1. GDP I: Eye on the Singapore economy

Key inflation data for Singapore is out on Monday at 1pm. April consumer prices are seen falling for the sixth straight month, a Reuters poll showed, likely dragged down by lower housing costs. But the decline in the all-items consumer price index (CPI) is seen narrowing to 0.1 per cent in April from 0.3 per cent in March.

On Tuesday, the Economic Survey of Singapore will be released at 8am. It's likely to show that the economy expanded more than initially estimated in the first three months of the year, according to a Reuters poll of economists showed, after exports surged in March and industrial production held up better than expected.

According to the median forecast in the Reuters survey, gross domestic product (GDP) probably grew 2.2 per cent in the first quarter, up slightly from the advance estimate of 2.1 per cent that was released last month.

The Economic Survey will also include detailed information on the economy's sectoral performance, sources of growth, inflation, employment and productivity in the first quarter.

2. GDP II: Did the US economy contract in Q1?

The second reading of of GDP growth in the US due on Friday will almost certainly show the world's biggest economy contracted in the first quarter. A preliminary Reuters poll last week predicted that US Q1 GDP will be massively revised down and show a 0.7 per cent contraction.

This is after the first estimate made last month of a meagre 0.2 per cent rise in GDP as the US economy almost stalled from severe weather, a soaring dollar that curbed exports and a steep drop in investment by energy companies after oil prices plunged.

"A much wider trade gap and substantially lower inventory building should be the largest sources of downward revision," Jay Feldman, an economist at Credit Suisse, told the Financial Times

3. GDP III: The UK does better than expected?

Revised GDP numbers from Britain on Thursday should show the country's growth at the start of the year was slightly better than first estimated, at 0.4 per cent.

4. GDP IV: India GDP

India will also publish GDP numbers on Friday, with economists predicting Asia's third largest economy expanded a relatively modest 7.4 per cent between January and March.

5. G7 meets with Greece on the boil

Group of Seven finance ministers from the world's largest developed economies meet in Germany with the crisis in Greece coming to a boil.

Its interior minister, Nikos Voutsis, told Greek television on Sunday that the government won't be able to make debt repayments of €1.6 billion that are due next month to the International Monetary Fund, one of Greece's three international creditors, unless it achieves a deal with creditors. It's the most explicit remarks yet from Athens about the likelihood of default if talks fail.