Singapore Economic Forecast

Singapore Economic Outlook

March 19, 2019

The economy appears to be losing momentum in Q1 2019, amid weaker demand from China and a deepening global tech slowdown. January’s factory output contracted year-on-year for the first time since December 2017, weighed on by double-digit declines in the electronics and precision engineering clusters. In addition, February’s manufacturing PMI inched lower for the sixth straight month and the electronics PMI moved further into contractionary territory. In contrast, annualized non-oil domestic exports increased in the same month, albeit thanks to a favorable base effect. On the domestic front, although retail sales were brisk at the outset of the year, this was partly due to the impact of the Chinese New Year. This follows a downwardly revised Q4 GDP reading, as a slowdown in the service sector hampered growth.

Singapore Economic Growth

The economy will likely grow at a modest pace this year, supported by a more expansionary fiscal stance, stronger investment and a sound labor market underpinning private consumption. On the other hand, trade protectionism, abating tech demand and ebbing global growth weigh on the external sector and cloud the outlook. FocusEconomics panelists expect the economy to grow 2.5% in 2019, which is unchanged from last month’s estimate, and 2.5% again in 2020.

Sample Report

5 years of Singapore economic forecasts for more than 30 economic indicators.


Sample Report

Get a sample report showing our regional, country and commodities data and analysis.


Singapore Facts

Bond Yield2.151.39 %Mar 20
Exchange Rate1.35-0.01 %Mar 20
Stock Market3,2080.18 %Mar 20

Start Your Free Trial

Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.

Sign Up

Singapore Economic News

Search form