Singapore Economic Forecast

Singapore Economic Outlook

January 28, 2020

Economic growth accelerated somewhat in the final quarter of 2019 on the back of robust construction sector activity and a pick-up in the services sector. Public sector outlays boosted activity in the construction sector in Q4, while robust finance and insurance sector activity buttressed the services sector. Nevertheless, economic growth still slowed to a one-decade low in 2019. Data for this year is limited but there were some rays of light at the end of last year. In December, the manufacturing PMI indicated an overall expansion in the sector for the first time in a year, which could suggest that the sector’s downturn has bottomed out. The signing of the “phase one” deal between China and the U.S. on 15 January also bodes well for the export-oriented economy.

Singapore Economic Growth

The economy is expected to bounce back from a weak performance last year on the back of an improvement in the external sector reviving the manufacturing sector. Domestic demand should remain resilient on stronger fixed investment growth. However, risks remain tilted to the downside due to a still-uncertain external backdrop. FocusEconomics panelists project the economy to grow 1.5% in 2020, which is up 0.1 percentage points from last month, and 2.1% in 2021.

Singapore Economy Data

2014 2015 2016 2017 2018
Population (million)
GDP per capita (USD)57,66955,61756,67060,09164,368
GDP (USD bn)315308318337363
Economic Growth (GDP, annual variation in %)
Consumption (annual variation in %)
Investment (annual variation in %)
Manufacturing (annual variation in %)2.7-5.13.710.47.0
Retail Sales (annual variation in %)
Unemployment Rate2.
Fiscal Balance (% of GDP)0.1-
Public Debt (% of GDP)97.199.5105107111
Money (annual variation in %)
Inflation Rate (CPI, annual variation in %, eop)-0.1-
Inflation Rate (CPI, annual variation in %)1.0-0.5-
Inflation (PPI, annual variation in %)-3.3-15.3-
Policy Interest Rate (%)0.380.88-  -  -  
Stock Market (annual variation in %)6.2-14.3-0.118.1-9.8
Exchange Rate (vs USD)1.331.421.451.341.36
Exchange Rate (vs USD, aop)1.271.371.381.381.35
Current Account (% of GDP)17.917.217.516.417.9
Current Account Balance (USD bn)56.553.055.755.465.1
Trade Balance (USD billion)86.792.687.292.598.3
Exports (USD billion)451396372409460
Imports (USD billion)364304284316361
Exports (annual variation in %)-1.6-12.0-
Imports (annual variation in %)-4.1-16.5-6.311.114.3
International Reserves (USD)257248247280288
External Debt (% of GDP)426416414435414

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Singapore Facts

Value Change Date
Bond Yield1.741.39 %Dec 31
Exchange Rate1.34-0.01 %Jan 01

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