Singapore Economic Outlook
September 18, 2018Following the strong Q2 performance thanks to a surging manufacturing sector, recent indicators are mixed. In August, the manufacturing and electronics PMIs increased on faster expansions in new orders, exports and factory output, while year-on-year growth in tourist arrivals was robust in July. However, retail sales were limp in the same month, even when excluding the volatile motor vehicles sub-sector. In addition, in August non-oil domestic export growth dimmed, while private home sales plummeted following recent property curbs. On the political scene, in early September Singapore and Malaysia agreed to postpone the high-speed rail link between the two countries by two years. This marks a reversal from the new Malaysian government’s initial intention of scrapping the project altogether, boding well for relations with Singapore’s closest neighbor and key trading partner.
Singapore Economic GrowthYear-on-year growth is set to be slower in the quarters ahead than in recent periods, due a less supportive base effect and slower manufacturing growth. However, the economy will likely be supported by a more expansionary fiscal stance and higher wages, which should boost private consumption. Downside risks stem largely from increasing global trade tensions, which could have a significant effect on Singapore’s highly open economy. FocusEconomics panelists expect the economy to grow 3.2% in 2018 and 2.7% in 2019, which is unchanged from last month’s estimate.
Singapore Economy Data
5 years of Singapore economic forecasts for more than 30 economic indicators.
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|Bond Yield||2.53||1.39 %||Sep 20|
|Exchange Rate||1.36||-0.01 %||Sep 20|
|Stock Market||3,180||0.18 %||Sep 20|
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Singapore Economic News
September 17, 2018
Non-oil domestic exports (NODX) increased 5.0% in August in annual terms, down from July’s revised 11.0% expansion (previously reported: +11.8% yoy) but overshooting market expectations.
September 12, 2018
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) rose from 52.3 in July to 52.6 in August, putting a stop to four consecutive monthly declines.
August 23, 2018
Consumer prices decreased 0.1% over the previous month in July, contrasting June’s 0.1% increase.
August 17, 2018
Non-oil domestic exports (NODX) increased 11.8% in July in annual terms, picking up from June’s revised 0.8% increase (previously reported: +1.1% year-on-year) and markedly overshooting market expectations. July’s uptick was driven by greater non-electronic exports—particularly of food preparations, pharmaceuticals and primary chemicals—and greater demand from the U.S, Japan and Indonesia.
Singapore: Annual GDP growth revised up slightly in the second quarter, but still marks deceleration from Q1
August 13, 2018
A comprehensive estimate by the Ministry of Trade and Industry (MTI) released on 13 August showed that in the second quarter the economy grew a revised 3.9% year-on-year (previously reported: +3.8% year-on-year), down from Q1’s revised 4.5% (previously reported: +4.3% yoy).