Singapore Economic Outlook
October 20, 2020The economy contracted at a significantly slower pace in Q3 than in Q2, according to advanced estimates, pointing to a nascent recovery in activity. The easing of circuit breaker policies and the phased reopening of the economy throughout Q3 lifted some pressure off the construction and services sectors. Meanwhile, stronger export demand for electronics saw growth return in the manufacturing sector, corroborated by the electronics PMI hitting the highest level in two years in September and strong non-oil export growth across July–September. Moving into Q4, the continued reopening of the economy and low number of new daily Covid-19 cases should further support the recovery: High frequency data indicates that retail activity has returned close to its pre-pandemic levels in mid-October, boding well for an uptick in consumer spending in the final quarter of the year.
Singapore Economic GrowthIn 2021, GDP is set to rebound strongly from the steep contraction projected for 2020. Improving household and capital spending is likely to drive a surge in domestic demand, while a recovery in key regional trading partners should bolster the external sector. However, uncertainty around the ongoing development of the pandemic clouds the outlook. FocusEconomics panelists project the economy to expand 5.4% in 2021, which is down 0.2 percentage points from last month, and to grow 3.1% in 2022.
Singapore Economy Data
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|Bond Yield||1.74||1.39 %||Dec 31|
|Exchange Rate||1.34||-0.01 %||Jan 01|
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Singapore Economic News
October 16, 2020
Non-oil domestic exports (NODX) rose 5.9% in annual terms in September, rising at a slower pace than August’s 7.7% increase and falling short of market expectations.
October 14, 2020
Activity shrank at a markedly slower pace in the third quarter according to an advanced estimate, after contracting at the sharpest rate in over three decades in the second quarter.
October 14, 2020
The Monetary Authority of Singapore (MAS) left its monetary policy unchanged at the level set in its previous meeting on 30 March.
October 3, 2020
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors both rose in September, pushing further into expansionary territory as they continued to recover after falling to the lowest levels in over a decade in April due to the coronavirus pandemic.
September 23, 2020
Consumer prices increased 0.63% from the previous month in August, swinging from July's 0.32% fall.