Singapore Economic Outlook
April 28, 2020
The economy shrank at the sharpest rate in over a decade in the first quarter of this year. A drying up of foreign demand due to the Covid-19 pandemic, coupled with government-imposed restrictions domestically and abroad, caused the manufacturing and construction sectors to contract in Q1. Highlighting the extent of the damage, the country’s electronics and manufacturing PMIs fell to their lowest levels since the global financial crisis in March. To mitigate the economic fallout of the pandemic, the government announced new fiscal stimulus measures in mid-March and early April, on top of earlier measures announced in February. The total amount of fiscal stimulus now reaches roughly SGD 59.9 billion. All citizens will receive cash handouts, with additional financial support for low-income families and unemployed. Firms will also be able to receive wage subsidies and loans for capital.Singapore Economic Growth
The Covid-19 pandemic will drive the economy into a contraction this year, as it will rock domestic and external activity by depressing trade, manufacturing and tourism. While fiscal stimulus should cushion the impact of the fallout somewhat, it will not be able to ward off a recession. FocusEconomics panelists project the economy to contract 4.5% in 2020, which is down 4.3 percentage points from last month, and to grow 4.8% in 2021.Singapore Economy Data
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Singapore Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.74 | 1.39 % | Dec 31 |
| Exchange Rate | 1.34 | -0.01 % | Jan 01 |
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Singapore Economic News
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Singapore: Non-oil exports overshoot market expectations in April
May 18, 2020
Singapore’s non-oil domestic exports (NODX) grew 9.7% year-on-year in April, below March’s notable 17.6% expansion which benefited from a positive base effect.
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Singapore: Manufacturing and electronics PMIs fall to over one-decade lows in April
May 5, 2020
Both the manufacturing and electronics Purchasing Managers’ Indexes (PMI) recorded their worst readings in over a decade in April as Singapore’s private-sector business conditions deteriorated on the back of fallout from Covid-19. Conditions in the crucial electronics sector contracted at the steepest rate since December 2008 (April 2020: 42.8; March 2020: 44.1).
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Singapore: Consumer prices flatline in annual terms in March
April 23, 2020
Consumer prices fell 0.3% month-on-month in March, swinging from the 0.1% rise in February.
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Singapore: Non-oil exports jump in March on low base effect
April 17, 2020
Singapore’s non-oil domestic exports (NODX) jumped 17.6% year-on-year in March, up from the revised 3.1% increase in February (previously reported: +3.0% year-on-year).
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Singapore: Manufacturing and electronics PMIs plummet in March
April 4, 2020
At the close of the first quarter, Singapore’s private-sector business conditions deteriorated on the back of a worsening of the Covid-19 pandemic weighing heavily on output and demand levels.
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