Singapore Economic Outlook
November 17, 2020
The 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 Growth
Next 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.Singapore Economy Data
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Singapore Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.74 | 1.39 % | Dec 31 |
| Exchange Rate | 1.34 | -0.01 % | Jan 01 |
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Singapore Economic News
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Singapore: Consumer prices continue to fall in November
December 23, 2020
Consumer prices rose 0.40% over the previous month in November, swinging from the 0.43% drop seen in October.
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Singapore: Non-oil exports fall at fastest pace in 12 months in November
December 17, 2020
Non-oil domestic exports (NODX) fell 4.9% on an annual basis in November, deteriorating from October’s 3.1% decline.
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Singapore: Revised estimate reveals softer GDP contraction in Q3
November 23, 2020
Singapore’s economy contracted less than initially expected in Q3, according to new figures released on 23 November, as the gradual easing of circuit breaker measures during the period bolstered activity.
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Singapore: Consumer prices fall on an annual basis in October
November 23, 2020
Consumer prices fell 0.43% in October over the previous month, contrasting the 0.33% rise seen in September.
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Singapore: Non-oil exports unexpectedly contract in October
November 17, 2020
Non-oil domestic exports (NODX) fell 3.1% on an annual basis in October (September: +5.8% year-on-year).
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