Singapore Economic Outlook
November 13, 2018Data for the third and fourth quarters suggests that economic growth has decelerated in the second half of the year. The manufacturing PMI declined to an over one-year low in October, indicating that trade protectionism and slower growth in China is dragging on demand. The electronics PMI also fell, which coupled with the tenth consecutive decline in electronics exports in September highlights the electronics sector’s feeble performance in 2018. On a more positive note, pharmaceutical exports buttressed the non-oil export headline trade print in September. On the political scene, seven countries—including Singapore—have officially signed off on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), enabling the agreement to take effect by the end of 2018. The news bodes well for Singapore, as the deal should help deepen trade ties with its Pacific Rim members.
Singapore Economic GrowthAlthough momentum is expected to wane in 2019 as the contribution from the manufacturing sector weakens, growth should stay robust thanks to strong domestic demand. However, given trade’s importance to the economy, a prolonged dispute between the U.S. and China or a more notable slowdown in China could weigh on the outlook. FocusEconomics panelists expect the economy to grow 2.6% in 2019, which is unchanged from last month’s estimate, and 2.4% in 2020.
Singapore Economy Data
5 years of Singapore economic forecasts for more than 30 economic indicators.
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|Bond Yield||2.45||1.39 %||Nov 15|
|Exchange Rate||1.38||-0.01 %||Nov 15|
|Stock Market||3,055||0.18 %||Nov 15|
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Singapore Economic News
Singapore: Manufacturing PMI dips to an over one-year low in October, weighed on by Sino-American trade tensions
November 2, 2018
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) ticked down to 51.9 points in October from 52.4 in September, which was the weakest print since August 2017.
October 23, 2018
Consumer prices were flat over the previous month in September, following a 0.4% uptick in August.
October 17, 2018
Non-oil domestic exports (NODX) increased 8.3% in annual terms in September, up from August’s 5.0% print, but falling short of market expectations of a stronger 11.1% expansion.
October 12, 2018
At its second biannual meeting of 2018 held on 12 October, the Monetary Authority of Singapore (MAS) decided to slightly increase the undisclosed slope of the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band.
Singapore: Economic growth cools to a two-year low in the third quarter; annual GDP growth in the second quarter revised upwards
October 12, 2018
According to an advanced estimate released on 12 October by the Ministry of Trade and Industry (MTI), the economy slowed in the third quarter on the back of weakness in goods-producing industries.