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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|Bond Yield||1.74||1.39 %||Dec 31|
|Exchange Rate||1.34||-0.01 %||Jan 01|
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Singapore Economic News
November 7, 2022
Inflation came in at 7.5% in September, matching August’s figure, which had marked the highest inflation rate since June 2008.
October 20, 2022
Non-oil domestic exports (NODX) rose 3.1% on an annual basis in September, on the heels of August’s 11.4% jump.
October 17, 2022
At its meeting on 14 October, the Monetary Authority of Singapore (MAS) re-centered the policy band of the Singapore dollar’s nominal effective exchange rate (S$NEER) to its prevailing level.
October 17, 2022
The economy expanded 1.5% in seasonally adjusted quarter-on-quarter terms in Q3, bouncing back from the 0.2% contraction recorded in the prior quarter and beating market expectations.
October 14, 2022
Inflation came in at 7.5% in August, up from July’s 7.0%.