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
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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: Manufacturing and electronics PMIs remain in expansionary territory in October
November 5, 2021
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors both remained in expansionary terrain in October as they continued to recover well from the pandemic’s negative impact.
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Singapore: Inflation inches up in September
October 25, 2021
Consumer prices rose 0.42% in September over the previous month, moderating from August's 0.55% rise.
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Singapore: Non-oil domestic exports (NODX) growth increases in September
October 18, 2021
Non-oil domestic exports (NODX) grew 12.3% year-on-year in September, accelerating significantly from August’s 2.7% increase.
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Singapore: Economic growth slows in Q3
October 14, 2021
The economy expanded 6.5% year-on-year in the third quarter according to an advanced estimate, slowing notably from Q2’s 15.2% growth which had marked the fastest expansion since Q2 2010.
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Singapore: MAS tightens monetary policy in October
October 14, 2021
At its 14 October meeting, the Monetary Authority of Singapore (MAS) raised the slope of the Singapore dollar nominal effective exchange rate (S$NEER) policy band from 0.0% previously, thus allowing the dollar to appreciate “slightly” on an annual basis—widely believed to be 0.5% per annum—and effectively tightening its monetary stance.
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