Singapore Economic Outlook
May 21, 2019
Early indicators suggest growth has remained soft in Q2 after recording the worst year-on-year outturn in nearly a decade. In April, the SIPMM manufacturing PMI marked the lowest point since 2016 and non-oil domestic exports shrank owing to a fall in electronics exports. Nevertheless, growth should accelerate throughout the remainder of Q2: A tight labor market and low inflation will stoke private spending, while stronger non-residential construction activity and a recovery in business loans should also boost domestic demand. In other news, the Central Bank (MAS) agreed to transfer SGD 45 billion (USD 33 billion) of its required reserves to public coffers managed by the state-owned investment firm GIC, in order to improve long-term returns. Moreover, the MAS will begin disclosing FX interventions in July 2020, which will ensure clarity over the direction of monetary policy.Singapore Economic Growth
Over 2019 as a whole growth will be softer than last year, due to lower demand for technology products—amid the U.S.-China trade war and slowing Chinese growth—weighs on the external sector. That said, increased fiscal spending, stronger construction activity and consumer spending, underpinned by a tight labor market, will buttress the economy. FocusEconomics panelists expect the economy to grow 2.3% in 2019, which is down 0.2 percentage points from last month’s estimate, and 2.5% in 2020.Singapore Economy Data
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Singapore Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.96 | 1.39 % | Jun 13 |
| Exchange Rate | 1.37 | -0.01 % | Jun 13 |
| Stock Market | 3,221 | 0.18 % | Jun 13 |
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Singapore Economic News
Singapore: Manufacturing and electronics PMIs contract in May
June 4, 2019
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) ticked down to 49.9 points in May from 50.3 in April, registering the worst reading since August 2016.
Singapore: Inflation ticks up in April, but core inflation hits a one-year low
May 23, 2019
Consumer prices decreased 0.3% over the previous month in April, following the 0.1% fall recorded in March.
Singapore: Q1 economic growth revised down; MTI lowers growth forecast for 2019
May 21, 2019
Comprehensive national accounts data released on 21 May showed that the economy slowed by marginally more than previously estimated in the first quarter.
Singapore: Non-oil exports post a second consecutive double-digit contraction in April
May 17, 2019
Non-oil domestic exports (NODX) decreased by 10.0% year-on-year in April, slightly less than March’s 11.8% drop.
Singapore: Manufacturing and electronics PMIs edge down in April
May 4, 2019
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) ticked down to 50.3 points in April from 50.8 points in March, marking the weakest reading since November 2016.
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