Singapore Economic Outlook
November 17, 2020The economic picture is one of gradual recovery, following advanced estimates indicating a significant slowing in the pace of contraction in the third quarter. The easing of circuit breaker policies throughout the quarter saw industrial output rebound strongly, while non-oil exports declined at a softer pace in the same period. Turning to Q4, the continued reopening of the economy and the low level of new daily Covid-19 cases should support business activity and consumer spending. Meanwhile, both the manufacturing and electronics PMIs indicated a continued improvement in conditions within their respective sectors in October. However, the reimposition of mobility restrictions in key international markets bodes ill for the services sector in Q4, particularly for businesses involved in tourism activities, amid markedly reduced visitor arrivals.
Singapore Economic GrowthNext year, the economy should recover strongly from the sharp contraction in 2020. Domestic demand is set to drive the upturn, with significant growth in consumer and capital spending more than offsetting lower government consumption growth. A recovery in key regional trading partners should benefit the external sector, although the ongoing pandemic clouds the outlook. FocusEconomics panelists project the economy to expand 5.6% in 2021, which is up 0.2 percentage points from last month, and to grow 3.3% in 2022.
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Singapore Economic News
April 14, 2021
The economy expanded 0.2% year-on-year in the first quarter according to an advanced estimate, marking a return to growth after three consecutive quarters of falling activity (Q4 2020: -2.4% yoy).
April 6, 2021
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors had divergent months in March, but both remained in expansionary territory as the two sectors continued to gradually recover after falling to the lowest levels in over a decade in April 2020 due to the coronavirus pandemic. The manufacturing PMI rose slightly to 50.8 in March from 50.5 in February, thus moving further above the 50-point threshold that separates expansion from contraction in the sector and marking the ninth consecutive month of expansion in the manufacturing sector.
March 23, 2021
Consumer prices increased 0.57% over the previous month in February, contrasting the 0.03% fall seen in January.
March 17, 2021
Non-oil domestic exports (NODX) grew 4.2% over the same month last year in February (January: +12.7% year-on-year).
February 23, 2021
Consumer prices fell 0.03% in January over the previous month, contrasting December's 0.36% rise.