Singapore Economic Outlook
November 14, 2017Momentum in economic growth appears to have carried over into the last quarter of the year, according to recent data. The manufacturing PMI recorded a new multi-year high in October, on the back of growing new orders and production. The services sector is also showing signs of further strengthening: According to the latest survey on business expectations, a greater number of firms expect better business conditions in the six months up to March 2018. Singapore’s economy shifted into a higher gear in the third quarter, as the upturn in the global electronics cycle boosted manufacturing output and stronger external demand led to a slight acceleration in services sector growth. The construction sector remained the only drag on growth, as it struggles to unwind its oversupply. However, a second estimate for private residential property prices in the third quarter revised the increase in prices upwards, suggesting the sector could have finally bottomed out after 15 consecutive quarterly drops in prices.
Singapore Economic GrowthGrowth should soften somewhat in 2018, but nevertheless remain healthy. Stronger infrastructure spending and business confidence are expected to underpin fixed investment, while a further pick-up in global trade should continue to support exports. Moreover, higher earnings should translate into stronger household spending. However, the recovery in private consumption will be gradual and depend on the evolution of house prices. FocusEconomics panelists expect the economy to grow 2.6% in 2018, up 0.1 percentage points from last month, and also 2.6% in 2019.
Singapore Economy Data
5 years of Singapore economic forecasts for more than 30 economic indicators.
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Singapore Economic News
December 4, 2017
The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) rose from 52.6 in October to 52.9 in November, marking the best result since December 2009.
November 23, 2017
In October, consumer prices dropped 0.3% from the previous month, following September’s flat reading.
November 23, 2017
Economic growth accelerated in Q3, on the back of a surge in manufacturing activity.
November 17, 2017
Non-oil domestic exports (NODX) jumped 20.9% in annual terms in October, strongly contrasting September’s slight 1.1% drop.
November 3, 2017
The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) rose from 52.0 in September to 52.6 in October, marking its best result since December 2009.