Singapore Economic Outlook
July 21, 2020Activity contracted sharply in the second quarter, plunging the economy into recession following the first quarter’s mild downturn. Circuit breaker policies enacted in early April to stem the spread of the viral outbreak wrought havoc on production, with the services industry suffering from curtailed domestic demand—retail sales plummeted in April–May—and drastically reduced visitor numbers. However, an easing of lockdown conditions at the start of June gives cause for cautious optimism, with June’s PMI indicating a marked slowing in the private sector downturn and high-frequency data pointing to an uptick in business activity during June and into Q3. Meanwhile, the incumbent People’s Action Party (PAP) has formed a new government following elections held on 10 July. PAP won almost 90% of available seats, ensuring a continuation of power stretching back to 1959, and no major changes to economic policy are expected.
Singapore Economic GrowthThis year, the economy is set to contract sharply as the pandemic inhibits consumption and heightened uncertainty delays fixed investment. Markedly increased government spending should soften the downturn somewhat, although uncertainty regarding the evolution of the pandemic clouds the outlook amid stubbornly high global infection rates. FocusEconomics panelists project the economy to contract 5.7% in 2020, which is down 0.3 percentage points from last month, and to grow 5.3% in 2021.
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Singapore Economic News
Singapore: Manufacturing PMI in expansionary territory in July, electronics PMI remains contractionary
August 3, 2020
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for both the manufacturing and electronics sectors rose in July, as they continued to recover after falling to the lowest levels in over a decade in April in the face of the coronavirus pandemic.
July 23, 2020
Consumer prices increased 0.02% in June over the last month, which was below the 0.47% increase recorded in May.
July 17, 2020
Non-oil domestic exports (NODX) jumped 16.1% year-on-year in June, contrasting May’s 4.6% decline.
July 14, 2020
Activity nosedived in the second quarter according to an advanced estimate, pushing the economy into recession.
July 2, 2020
Both the manufacturing and electronics Purchasing Managers’ Indexes (PMIs) regained lost ground in June, as they continued to recover after falling to the lowest levels in over a decade in April due to a shock from the Covid-19 pandemic.