Singapore Economic Forecast

Singapore Economic Outlook

May 21, 2019

Early indicators suggest growth has remained soft in Q2 after recording the worst year-on-year outturn in nearly a decade. In April, the SIPMM manufacturing PMI marked the lowest point since 2016 and non-oil domestic exports shrank owing to a fall in electronics exports. Nevertheless, growth should accelerate throughout the remainder of Q2: A tight labor market and low inflation will stoke private spending, while stronger non-residential construction activity and a recovery in business loans should also boost domestic demand. In other news, the Central Bank (MAS) agreed to transfer SGD 45 billion (USD 33 billion) of its required reserves to public coffers managed by the state-owned investment firm GIC, in order to improve long-term returns. Moreover, the MAS will begin disclosing FX interventions in July 2020, which will ensure clarity over the direction of monetary policy.

Singapore Economic Growth

Over 2019 as a whole growth will be softer than last year, due to lower demand for technology products—amid the U.S.-China trade war and slowing Chinese growth—weighs on the external sector. That said, increased fiscal spending, stronger construction activity and consumer spending, underpinned by a tight labor market, will buttress the economy. FocusEconomics panelists expect the economy to grow 2.3% in 2019, which is down 0.2 percentage points from last month’s estimate, and 2.5% in 2020.

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Singapore Facts

Bond Yield1.961.39 %Jun 13
Exchange Rate1.37-0.01 %Jun 13
Stock Market3,2210.18 %Jun 13

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