Singapore Economic Outlook
June 21, 2022First-quarter GDP growth was revised upwards to 3.7% from a preliminary reading of 3.4%. Manufacturing growth was stronger than previously estimated, while robust private consumption was supported by the reopening of the economy. Moving to the second quarter, the economy seems to be performing solidly. Industrial production expanded at a robust pace in April, supported by the transport engineering sector. Moreover, in April and May the manufacturing and electronics PMIs remained in expansionary territory. On the downside, export growth cooled in April, weighed down by Covid-19 lockdowns in China, although it regained traction in May. Meanwhile, the IMF concluded its Article IV Mission in late May, praising the government’s tightening monetary policy stance and prudent normalization of fiscal policy following its timely policy response to the pandemic.
Singapore Economic GrowthGDP should expand at a healthy pace this year, as private consumption, fixed investment and manufacturing activity benefit from the removal of Covid-19 restrictions. That said, a weaker external environment will limit the pace of expansion. The main downside risks stem from supply chain disruptions due to China’s zero-covid strategy and high energy prices. FocusEconomics panelists project the economy to expand 3.8% in 2022, which is unchanged from last month, and to grow 2.9% in 2023.
Singapore Economy Data
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Singapore Economic News
June 23, 2022
Consumer prices jumped 0.99% in May over the previous month, contrasting the 0.14% dip logged in April.
June 17, 2022
Non-oil domestic exports (NODX) rose 12.4% in annual terms in May, following April’s 6.4% upturn.
June 7, 2022
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing sector rose in May, while the electronics PMI dipped in the same month.
May 30, 2022
Consumer prices fell 0.13% in April over the previous month, contrasting the 1.25% rise logged in March.
May 18, 2022
Non-oil domestic exports (NODX) jumped 13.7% in annual terms in April, following March’s 11.9% upturn.