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
January 18, 2021
Non-oil domestic exports (NODX) rose 6.8% on an annual basis in December, swinging sharply from November’s 5.0% decline.
January 5, 2021
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors both rose marginally in December, as the two sectors continued to gradually recover after falling to the lowest levels in over a decade in April due to the coronavirus pandemic. The manufacturing PMI inched up to 50.5 in December from 50.4 in November, thus moving slightly further from the 50-point threshold that separates expansion from contraction in the sector and marking the sixth consecutive month of expansion in the manufacturing sector.
January 4, 2021
Activity shrank at a notably slower pace in the fourth quarter according to an advanced estimate, marking a continued improvement after the economy contracted at the sharpest rate in over three decades in Q2.
December 23, 2020
Consumer prices rose 0.40% over the previous month in November, swinging from the 0.43% drop seen in October.
December 17, 2020
Non-oil domestic exports (NODX) fell 4.9% on an annual basis in November, deteriorating from October’s 3.1% decline.