Singapore Economic Outlook
December 16, 2021
The economy expanded more than previously expected in Q3, according to revised estimates, driven by continued strong growth in a manufacturing sector benefiting from healthy global demand for electronics. Turning to Q4, a less favorable base effect will no doubt act as a damper to activity, although available data points to solid underlying dynamics. Despite PMI readings for both the manufacturing and electronics sectors averaging marginally lower in October–November than in Q3, they both remained within expansionary territory in the period, while non-oil exports grew at the fastest rate in four years in October. Moreover, authorities have continued to ease restrictions as daily Covid-19 cases have reduced since hitting record highs in late October, with a region-leading vaccination campaign resulting in over 90% of the population vaccinated and around 25% having received booster shots.Singapore Economic Growth
Economic growth is forecast to slow in 2022 as the base effect fades, following this year’s projected decade-high rate. Domestically, consumer and capital spending growth will ease from this year´s estimated levels, while a normalization in global trade should see export growth moderate. As such, growth should be below that of most other major economies in the region. FocusEconomics panelists project the economy to expand 4.1% in 2022, which is up 0.1 percentage points from last month, and to grow 3.3% in 2023.Singapore Economy Data
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Singapore Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.74 | 1.39 % | Dec 31 |
| Exchange Rate | 1.34 | -0.01 % | Jan 01 |
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Singapore Economic News
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Singapore: Non-oil domestic exports (NODX) end year on a strong footing
January 17, 2022
Non-oil domestic exports (NODX) grew 18.4% year-on-year in December, slowing from November’s 24.2% increase.
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Singapore: Economic growth eases in Q4; strong growth overall for 2021
January 3, 2022
The economy expanded 5.9% year-on-year in the fourth quarter according to an advanced estimate, slowing slightly from Q3’s 7.1% growth as the favorable base effect continued to reduce.
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Singapore: Manufacturing and electronics PMIs rise in December
January 3, 2022
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors both rose further into expansionary terrain in December as they continued to recover from the pandemic’s negative impact.
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Singapore: Inflation rises in November
December 23, 2021
Consumer prices rose 0.98% in November over the previous month, picking up from October's 0.29% increase.
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Singapore: Manufacturing and electronics PMIs remain in expansionary territory in November
December 3, 2021
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors both remained in expansionary terrain in November as they continued to recover from the pandemic’s negative impact.
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