Singapore Economic Outlook
April 26, 2022An advanced estimate shows that the economy cooled further in the first quarter of this year, expanding at a slower-than-expected pace. A broad-based deceleration was behind the slowdown, with the manufacturing sector the main cause of the weaker reading. Surging Covid-19 cases at the outset of the year plus the effect of the war in Ukraine on energy prices and supply chains likely took a further toll. Both the electronics and manufacturing PMI readings dipped further in March, only narrowly remaining in expansionary terrain. Meanwhile, growth of non-oil domestic exports slowed for the fourth consecutive month in March, likely owing to China’s zero-Covid stance, potentially indicating a slowing external sector. That said, the government eased Covid-19 restrictions in late March amid falling new infections, which should provide some support to activity into the second quarter.
Singapore Economic GrowthThe economy should expand at a softer albeit still-robust pace this year, amid a waning low base effect. Normalizations in fixed investment growth and global trade will be behind the softer increase, while private consumption should expand strongly. Pandemic-related uncertainty, China’s Covid-19 policy and high energy prices pose downside risks. FocusEconomics panelists project the economy to expand 3.8% in 2022, which is down 0.1 percentage points from last month, and to grow 3.1% in 2023.
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|Bond Yield||1.74||1.39 %||Dec 31|
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Singapore Economic News
May 6, 2022
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors both increased slightly in April, moving further within expansionary terrain.
April 28, 2022
Consumer prices increased 1.25% in March over the previous month, picking up from the 0.87% increase seen in February.
April 21, 2022
Non-oil domestic exports (NODX) increased 7.7% annually in March, on the heels of February’s 9.4% decrease.
April 21, 2022
The economy expanded 3.4% year on year in the first quarter of 2022, slowing from Q4 2021’s 6.1% growth.
April 20, 2022
At its 14 April meeting, the Monetary Authority of Singapore (MAS) raised the level and slope of the Singapore dollar’s nominal effective exchange rate (S$NEER) policy band.