Singapore Economic Outlook
December 13, 2018Revised data showed growth mellowed markedly in the third quarter and by more than previously reported, on weaker-than-previously-estimated growth in the manufacturing and services sectors. However, the contraction in the construction sector was smaller than initially announced. Looking at Q4, PMI data for October and November illustrates further softening in the manufacturing sector as new orders and employment gravitate closer to negative territory, while the electronics sector contracted in November. Nevertheless, non-oil domestic export growth ticked up in October—albeit thanks to the volatile pharmaceutical subsector. On the political front, tensions with neighbor Malaysia are escalating due to a dispute over maritime boundaries. However, there is unlikely to be a noticeable economic impact and mutual economic interests will likely stop the disagreement escalating too much further.
Singapore Economic GrowthAnnual growth is set to slow in 2019 but should remain robust thanks to a strong service sector and higher wage pressures which should lift domestic demand. However, trade protectionism and depressed Chinese import demand will likely weigh on exports and investment, while residential investment will remain weak. 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
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|Bond Yield||2.19||1.39 %||Jan 16|
|Exchange Rate||1.36||-0.01 %||Jan 16|
|Stock Market||3,229||0.18 %||Jan 16|
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Singapore Economic News
January 17, 2019
Non-oil domestic exports (NODX) decreased by 8.5% year-on-year in December, contracting more than November’s downwardly revised 2.8% decline (previously reported: -2.6% year-on-year).
January 2, 2019
According to an advanced estimate released on 2 January by the Ministry of Trade and Industry (MTI), the economy slowed in the fourth quarter due to softer growth in the services producing industries.
December 24, 2018
Consumer prices increased 0.2% over the previous month in November, contrasting the 0.3% decline posted in October.
December 17, 2018
Non-oil domestic exports (NODX) decreased by 2.6% year-on-year in November, contrasting October’s downwardly revised 8.2% expansion (previously reported: +8.3% year-on-year).
Singapore: Manufacturing PMI falls to over one-year low in November; electronics PMI dips into contractionary territory
December 4, 2018
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) edged down to 51.5 points in November from 51.9 points in October, marking the weakest performance in over one year.