Singapore Economic Forecast

Singapore Economic Outlook

October 17, 2017

According to an advance release, economic growth soared in Q3 on the back of a remarkable quarter for the manufacturing sector. The upturn in the global electronic cycle was behind the surge in manufacturing production, and supported the strong expansion in exports registered in July and August. While solid external demand continued to underpin growth and the electronics cluster, the troubled property market drove down activity in the construction sector, weighing on growth. Nevertheless, there are signs that the real estate market could have bottomed out: In Q3, private home prices recorded their first quarter-on-quarter increase after 15 consecutive quarters of declines. The improvement in the housing market could also explain some of the newfound vigor in private consumption, reflected in August’s robust retail sales growth.

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Singapore Facts

ValueChangeDate
Bond Yield2.080.0 %Oct 17
Exchange Rate1.360.07 %Oct 18
Stock Market3,3290.0 %Oct 18

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Singapore Economic Growth

October 17, 2017

Next year the cyclical recovery in global trade should continue to sustain Singapore’s external sector, despite moderating. Moreover, fixed investment is expected to benefit from the government’s infrastructure spending and business-friendly policies. Nevertheless, lingering slack in the labor market could hold back household spending growth. The main risks to the outlook stem from the possibility of increased protectionism and higher financing costs. FocusEconomics panelists expect the economy to grow 2.5% in 2018, up 0.2 percentage points from last month, and 2.6% in 2019.

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