Singapore Economic Outlook
March 19, 2019The economy appears to be losing momentum in Q1 2019, amid weaker demand from China and a deepening global tech slowdown. January’s factory output contracted year-on-year for the first time since December 2017, weighed on by double-digit declines in the electronics and precision engineering clusters. In addition, February’s manufacturing PMI inched lower for the sixth straight month and the electronics PMI moved further into contractionary territory. In contrast, annualized non-oil domestic exports increased in the same month, albeit thanks to a favorable base effect. On the domestic front, although retail sales were brisk at the outset of the year, this was partly due to the impact of the Chinese New Year. This follows a downwardly revised Q4 GDP reading, as a slowdown in the service sector hampered growth.
Singapore Economic GrowthThe economy will likely grow at a modest pace this year, supported by a more expansionary fiscal stance, stronger investment and a sound labor market underpinning private consumption. On the other hand, trade protectionism, abating tech demand and ebbing global growth weigh on the external sector and cloud the outlook. FocusEconomics panelists expect the economy to grow 2.5% in 2019, which is unchanged from last month’s estimate, and 2.5% again in 2020.
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|Bond Yield||2.15||1.39 %||Mar 20|
|Exchange Rate||1.35||-0.01 %||Mar 20|
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Singapore Economic News
Singapore: Non-oil exports unexpectedly rebound in February, despite another fall in electronics exports
March 18, 2019
Non-oil domestic exports (NODX) increased by 4.9% year-on-year in February, rebounding from January’s 10.1% decline which had marked the sharpest fall in over two years.
March 4, 2019
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) fell to 50.4 points in February from 50.7 points in January, the lowest reading since December 2016.
February 25, 2019
Consumer prices fell 0.3% over the previous month in January, contrasting the 0.1% increase recorded in December.
February 15, 2019
Comprehensive national accounts data released on 15 February by Singstat showed that the economy slowed by more than previously estimated in the final quarter.
February 5, 2019
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) fell to 50.7 points in January from 51.1 points in December, the lowest reading since December 2016.