Singapore Economic Outlook
June 21, 2022
First-quarter GDP growth was revised upwards to 3.7% from a preliminary reading of 3.4%. Manufacturing growth was stronger than previously estimated, while robust private consumption was supported by the reopening of the economy. Moving to the second quarter, the economy seems to be performing solidly. Industrial production expanded at a robust pace in April, supported by the transport engineering sector. Moreover, in April and May the manufacturing and electronics PMIs remained in expansionary territory. On the downside, export growth cooled in April, weighed down by Covid-19 lockdowns in China, although it regained traction in May. Meanwhile, the IMF concluded its Article IV Mission in late May, praising the government’s tightening monetary policy stance and prudent normalization of fiscal policy following its timely policy response to the pandemic.Singapore Economic Growth
GDP should expand at a healthy pace this year, as private consumption, fixed investment and manufacturing activity benefit from the removal of Covid-19 restrictions. That said, a weaker external environment will limit the pace of expansion. The main downside risks stem from supply chain disruptions due to China’s zero-covid strategy and high energy prices. FocusEconomics panelists project the economy to expand 3.8% in 2022, which is unchanged from last month, and to grow 2.9% 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: Non-oil domestic exports (NODX) rebound in August
September 19, 2022
Non-oil domestic exports (NODX) soared 11.4% annually in August (July: +7.0% year-on-year).
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Singapore: Inflation accelerates in July
September 16, 2022
Inflation came in at 7.0% in July, up from June’s 6.7%.
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Singapore: Manufacturing and electronics PMIs decrease in August
September 6, 2022
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing sector dipped in August, as did the electronics PMI. The manufacturing PMI clocked in at 50.0 in August, slightly down from the 50.1 reading in July and landing on the 50-point threshold that separates expansion from contraction in the sector.
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Singapore: Non-oil domestic exports (NODX) growth softens in July
August 18, 2022
Non-oil domestic exports (NODX) rose 7.0% over the same month of last year in July (June: +8.5% year-on-year).
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Singapore: Manufacturing and electronics PMIs decrease in July
August 4, 2022
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing sector dipped in July, as did the electronics PMI. However, both remained within expansionary terrain.
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