Singapore Economic Forecast

Singapore Economic Outlook

November 16, 2021

After easing in Q3, economic growth appears likely to slow further in Q4 as the favorable base effect continues to subside. This comes despite solid underlying dynamics: Healthy growth in non-oil exports through July–September will have likely continued into Q4 on the back of robust external demand for semiconductor products, as evidenced by the PMI for the electronics sector remaining well within expansionary territory in October. Moreover, the continued relaxing of entry restrictions for multiple countries and the easing of some domestic controls bodes well for activity in the final stretch of the year. That said, a spike in daily Covid-19 cases in October prompted authorities to announce that they will no longer pay Covid-19 medical bills for citizens who choose not to be vaccinated, in an effort to encourage even higher vaccination levels and to avoid overwhelming already-strained health services.

Singapore Economic Growth

GDP growth is forecast to slow in 2022 as the base effect fades, following this year’s projected decade-high rate. Domestically, consumer and capital spending growth will ease from this year´s estimated levels, while a normalization in global trade levels should see export growth moderate. As such, growth should be below that of the other major economies in the region. FocusEconomics panelists project the economy to expand 4.0% in 2022, which is down 0.2 percentage points from last month, and to grow 3.3% in 2023.

Singapore Economy Data

2015 2016 2017 2018 2019
Population (million)
GDP per capita (USD)55,61556,78860,72265,95365,390
GDP (USD bn)308318341372371
Economic Growth (GDP, annual variation in %)
Consumption (annual variation in %)
Investment (annual variation in %)
Manufacturing (annual variation in %)-5.13.710.47.0-1.5
Retail Sales (annual variation in %)
Unemployment Rate1.
Fiscal Balance (% of GDP)-
Public Debt (% of GDP)99.5105106109126
Money (annual variation in %)
Inflation Rate (CPI, annual variation in %, eop)-
Inflation Rate (CPI, annual variation in %)-0.5-
Inflation (PPI, annual variation in %)-15.3-
Policy Interest Rate (%)0.88-  -  -  -  
Stock Market (annual variation in %)-14.3-0.118.1-9.85.0
Exchange Rate (vs USD)1.421.451.341.361.34
Exchange Rate (vs USD, aop)1.371.381.381.351.36
Current Account (% of GDP)18.717.616.317.217.0
Current Account Balance (USD bn)57.656.255.664.163.1
Trade Balance (USD billion)92.590.897.010497.6
Exports (USD billion)396374413459439
Imports (USD billion)304283316355342
Exports (annual variation in %)-12.3-5.610.311.2-4.3
Imports (annual variation in %)-16.8-6.711.412.6-3.8
International Reserves (USD)248247280288279
External Debt (% of GDP)429437420414418

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Singapore Facts

Value Change Date
Bond Yield1.741.39 %Dec 31
Exchange Rate1.34-0.01 %Jan 01

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