Singapore Economic Forecast

Singapore Economic Outlook

July 17, 2018

The economy performed well in the second quarter, with annual growth supported by a continuing surge in manufacturing—particularly the electronics and biomedical clusters—and strong showings in the finance and insurance, and wholesale and retail services sub-sectors. In addition, the external sector is thus far defying trade war fears, with non-oil domestic exports soaring in April and May. However, the construction sector performed poorly in Q2, and will likely be hit further going forward after the government announced fresh property market curbs in early July; buyers will now face a higher stamp duty and more stringent loan-to-value ratios. The move is designed to reduce the risk of a housing bubble and came soon after the Central Bank warned of “euphoria” in the market, amid a recent surge in en-bloc apartment sales and a sharp rise in house prices in the first half of the year.

Singapore Economic Growth

Growth should remain firm this year. Fixed investment should recover on firms’ higher profit levels and government infrastructure spending, while a solid labor market and higher wages are expected to support private consumption, and the fiscal stance will become more expansionary. Downside risks stem largely from increasing global trade tensions, which could have an outsized effect on Singapore’s highly open economy. FocusEconomics panelists expect the economy to grow 3.2% in 2018, which is unchanged from last month’s estimate, and 2.7% in 2019.

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Singapore Facts

Bond Yield2.461.39 %Aug 15
Exchange Rate1.38-0.01 %Aug 15
Stock Market3,2340.18 %Aug 15

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