Singapore Economic Forecast

Singapore Economic Outlook

December 13, 2018

Revised data showed growth mellowed markedly in the third quarter and by more than previously reported, on weaker-than-previously-estimated growth in the manufacturing and services sectors. However, the contraction in the construction sector was smaller than initially announced. Looking at Q4, PMI data for October and November illustrates further softening in the manufacturing sector as new orders and employment gravitate closer to negative territory, while the electronics sector contracted in November. Nevertheless, non-oil domestic export growth ticked up in October—albeit thanks to the volatile pharmaceutical subsector. On the political front, tensions with neighbor Malaysia are escalating due to a dispute over maritime boundaries. However, there is unlikely to be a noticeable economic impact and mutual economic interests will likely stop the disagreement escalating too much further.

Singapore Economic Growth

Annual growth is set to slow in 2019 but should remain robust thanks to a strong service sector and higher wage pressures which should lift domestic demand. However, trade protectionism and depressed Chinese import demand will likely weigh on exports and investment, while residential investment will remain weak. FocusEconomics panelists expect the economy to grow 2.6% in 2019, which is unchanged from last month’s estimate, and 2.4% in 2020.

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Singapore Facts

Bond Yield2.191.39 %Jan 16
Exchange Rate1.36-0.01 %Jan 16
Stock Market3,2290.18 %Jan 16

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