Singapore Economic Outlook
August 24, 2021The economy grew more than previously expected in Q2, according to revised estimates, driven by strong growth in a manufacturing sector benefiting from healthy global demand for electronics. Turning to Q3, short-term data continues to point to a robust recovery, albeit with less of a favorable base effect acting as a tailwind to activity. In July, PMI readings for both the manufacturing and electronics sectors moved further into expansionary territory on the back of solid demand dynamics, while non-oil export growth remained in double digits for the second month running. More recently, authorities have begun to gradually ease restrictions that were reimposed in mid-July to curb rising Covid-19 cases, and they are also planning a pilot scheme to allow fully vaccinated business travelers to enter the country. Combined with a region-leading vaccination campaign, the moves bode well for activity in the remainder of Q3.
Singapore Economic GrowthThis year, GDP is forecast to grow at the fastest rate in a decade following 2020’s record downturn. Domestically, consumer and capital spending growth will boost demand, while strengthening global trade levels should benefit exports. However, travel restrictions in key international markets and their impact on tourism figures continue to cloud the outlook. FocusEconomics panelists project the economy to expand 6.3% in 2021, which is unchanged from last month, and to grow 4.1% in 2022.
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Singapore Economic News
September 3, 2021
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors had divergent months in August, but both remained in expansionary terrain as they continued to shrug off the pandemic’s negative impact.
August 23, 2021
Consumer prices declined 0.19% in July over the previous month, a sharper drop than the 0.01% slide recorded in June.
August 17, 2021
Non-oil domestic exports (NODX) grew 12.7% year-on-year in July, slowing slightly from June’s 15.9% increase.
August 11, 2021
Singapore’s economy grew more than initially expected in Q2, according to new figures released on 11 August, as activity continued to recover from the inhibiting effects of the coronavirus pandemic.
August 2, 2021
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for both the manufacturing and electronics sectors rose slightly in July, thus moving further into expansionary territory as the two sectors continue to gradually recover from last year’s pandemic-induced downturn. The manufacturing PMI rose to 51.0 in July from 50.8 in June, thus moving further above the 50-point threshold that separates expansion from contraction in the sector and marking the 13th consecutive month of expansion in the manufacturing sector.