Singapore Economic Outlook
November 17, 2020The economic picture is one of gradual recovery, following advanced estimates indicating a significant slowing in the pace of contraction in the third quarter. The easing of circuit breaker policies throughout the quarter saw industrial output rebound strongly, while non-oil exports declined at a softer pace in the same period. Turning to Q4, the continued reopening of the economy and the low level of new daily Covid-19 cases should support business activity and consumer spending. Meanwhile, both the manufacturing and electronics PMIs indicated a continued improvement in conditions within their respective sectors in October. However, the reimposition of mobility restrictions in key international markets bodes ill for the services sector in Q4, particularly for businesses involved in tourism activities, amid markedly reduced visitor arrivals.
Singapore Economic GrowthNext year, the economy should recover strongly from the sharp contraction in 2020. Domestic demand is set to drive the upturn, with significant growth in consumer and capital spending more than offsetting lower government consumption growth. A recovery in key regional trading partners should benefit the external sector, although the ongoing pandemic clouds the outlook. FocusEconomics panelists project the economy to expand 5.6% in 2021, which is up 0.2 percentage points from last month, and to grow 3.3% in 2022.
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Singapore Economic News
June 17, 2021
Non-oil domestic exports (NODX) grew 8.8% year-on-year in May, accelerating from March’s 6.0% increase.
June 3, 2021
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for both the manufacturing and electronics sectors fell in May but nevertheless remained within expansionary territory as the two sectors continue to gradually recover from last year’s pandemic-induced downturn. The manufacturing PMI dipped slightly to 50.7 in May from 50.9 in April—which had marked the highest reading in 28 months—thus moving closer to the 50-point threshold that separates expansion from contraction in the sector and marking the eleventh consecutive month of expansion in the manufacturing sector.
May 25, 2021
Singapore’s economy grew more than initially expected in Q1, according to new figures released on 25 May, as activity continued to recover from the inhibiting effects of the coronavirus pandemic.
May 24, 2021
Consumer prices dropped 0.17% from the previous month in April, contrasting March's 0.22% rise.
May 17, 2021
Non-oil domestic exports (NODX) grew 6.0% year-on-year in April, slowing from March’s 11.9% increase.