Singapore Economic Outlook
October 15, 2019Although economic growth should have recovered in the third quarter after slumping to a one-decade low in the second, the pace of growth was likely relatively muted. Particularly, the global tech slump and ongoing trade tensions between the U.S. and China continue to batter the external sector. Merchandise exports contracted at a sharper pace in July–August amid prolonged weakness in non-oil domestic exports, while the downturn in the country’s industrial sector intensified in the same period. On the other hand, domestic demand should have held up well in Q3. Private-sector credit growth accelerated in July–August on the back of an uptick in business lending growth. Moreover, the services sector is expected to have performed well after a robust outturn in the second quarter.
Singapore Economic GrowthEconomic growth should accelerate next year on the back of robust domestic demand amid a pick-up in investment expenditure, while the external sector is seen bouncing back from a poor showing this year which should support manufacturing. Risks, however, remain tilted to the downside due to external headwinds—chiefly from the lingering U.S.-China trade war. FocusEconomics panelists expect the economy to grow 1.6% in 2020, which is down 0.2 percentage points from last month, and 2.3% in 2021.
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Singapore Economic News
October 17, 2019
Non-oil domestic exports (NODX) fell 8.1% year-on-year in September, improving slightly from the revised 9.0% decline in August (previously reported: -8.9% year-on-year).
October 4, 2019
Singapore’s manufacturing Purchasing Managers’ Index (PMI), produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) dropped from 49.9 in August to 49.5 in September, marking the lowest reading since July 2016.
September 23, 2019
Consumer prices increased 0.5% month-on-month in August, contrasting the 0.4% drop in July.
September 17, 2019
Non-oil domestic exports (NODX) dropped 8.9% year-on-year in August, improving from the revised 11.4% contraction in July (previously reported: -11.2% year-on-year) and beating market expectations of yet another double-digit decline.
August 23, 2019
Consumer prices decreased 0.4% over the previous month in July, following June’s 0.2% fall.