Singapore Economic Outlook
February 20, 2018Revised data confirmed the economy grew at a healthy rate in Q4 following a buoyant Q3, and showed that GDP expanded 3.6% in 2017, up from 2.4% in 2016. The positive economic momentum likely carried over into the first quarter of this year, according to available indicators. Data for December shows that the unemployment rate declined in the month, boding well for household spending. Private consumption could also be benefiting from a wealth effect associated with recovering real estate prices: January figures indicated resale prices of condos and private apartments continued to increase. Furthermore, in January exports jumped over the same month of the previous year and the manufacturing PMI recorded a multi-year high, pushed up by faster expansions in factory output and new orders. Business expectations in the services sector also improved, as firms expected more favorable business conditions in H1 2018 compared to H2 2017.
Singapore Economic GrowthGrowth is expected to moderate this year, but remain healthy. The manufacturing sector will continue to grow at a solid pace, although weakening demand from China will likely limit the rate of expansion. Moreover, domestically-oriented sectors will reap the benefits of strengthening domestic demand. Higher wages and upbeat consumer sentiment should buttress household spending, while the government’s pro-business measures and public investment spending will spur fixed investment. FocusEconomics panelists expect the economy to grow 3.0% in 2018, up 0.1 percentage points from last month’s estimate, and 2.7% in 2019.
Singapore Economy Data
5 years of Singapore economic forecasts for more than 30 economic indicators.
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|Bond Yield||2.37||1.39 %||Mar 15|
|Exchange Rate||1.31||-0.01 %||Mar 15|
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Singapore Economic News
March 16, 2018
Non-oil domestic exports (NODX) contracted 5.9% on an annual basis in February, starkly contrasting January’s revised 12.9% year-on-year expansion (previously reported: +13.0% year-on-year).
March 2, 2018
The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) dropped to 52.7 in February from 53.1 in January.
February 27, 2018
In January, consumer prices declined 0.2% from the previous month, following December’s softer 0.1% drop.
February 15, 2018
Restrained by a contraction in the manufacturing sector, economic growth decelerated in the fourth quarter, according to revised estimates released by the Ministry of Trade and Industry on 14 February.
February 15, 2018
Non-oil domestic exports (NODX) rose 13.0% in annual terms in January, significantly above December’s soft 3.1% increase and surprising market analysts on the upside.