Singapore Economic Outlook
January 28, 2020Economic growth accelerated somewhat in the final quarter of 2019 on the back of robust construction sector activity and a pick-up in the services sector. Public sector outlays boosted activity in the construction sector in Q4, while robust finance and insurance sector activity buttressed the services sector. Nevertheless, economic growth still slowed to a one-decade low in 2019. Data for this year is limited but there were some rays of light at the end of last year. In December, the manufacturing PMI indicated an overall expansion in the sector for the first time in a year, which could suggest that the sector’s downturn has bottomed out. The signing of the “phase one” deal between China and the U.S. on 15 January also bodes well for the export-oriented economy.
Singapore Economic GrowthThe economy is expected to bounce back from a weak performance last year on the back of an improvement in the external sector reviving the manufacturing sector. Domestic demand should remain resilient on stronger fixed investment growth. However, risks remain tilted to the downside due to a still-uncertain external backdrop. FocusEconomics panelists project the economy to grow 1.5% in 2020, which is up 0.1 percentage points from last month, and 2.1% in 2021.
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Singapore Economic News
February 17, 2020
Detailed national accounts showed that the economy grew at a stronger pace than previously estimated in Q4, with growth revised up to 1.0% year-on-year (previously reported: +0.8% year-on-year).
February 17, 2020
Singapore’s external sector opened the new year on a weak footing, with non-oil domestic exports (NODX) contracting 3.3% year-on-year, swinging from the 2.4% expansion logged in December, which had marked the first expansion since February 2019.
February 4, 2020
Singapore’s private sector started the new year on a positive note, with the Purchasing Managers’ Index (PMI) produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) signaling improving business conditions for both the manufacturing and electronics sectors for the first time in 15 months.
January 23, 2020
Consumer prices rose 0.3% month-on-month in December, matching November’s figure.
January 6, 2020
Business conditions in Singapore’s private-sector economy showed signs of improvement in December.