Singapore Economic Forecast

Singapore Economic Outlook

February 20, 2018

Revised data confirmed the economy grew at a healthy rate in Q4 following a buoyant Q3, and showed that GDP expanded 3.6% in 2017, up from 2.4% in 2016. The positive economic momentum likely carried over into the first quarter of this year, according to available indicators. Data for December shows that the unemployment rate declined in the month, boding well for household spending. Private consumption could also be benefiting from a wealth effect associated with recovering real estate prices: January figures indicated resale prices of condos and private apartments continued to increase. Furthermore, in January exports jumped over the same month of the previous year and the manufacturing PMI recorded a multi-year high, pushed up by faster expansions in factory output and new orders. Business expectations in the services sector also improved, as firms expected more favorable business conditions in H1 2018 compared to H2 2017.

Singapore Economic Growth

Growth is expected to moderate this year, but remain healthy. The manufacturing sector will continue to grow at a solid pace, although weakening demand from China will likely limit the rate of expansion. Moreover, domestically-oriented sectors will reap the benefits of strengthening domestic demand. Higher wages and upbeat consumer sentiment should buttress household spending, while the government’s pro-business measures and public investment spending will spur fixed investment. FocusEconomics panelists expect the economy to grow 3.0% in 2018, up 0.1 percentage points from last month’s estimate, and 2.7% in 2019.

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Singapore Facts

Bond Yield2.371.39 %Mar 15
Exchange Rate1.31-0.01 %Mar 15
Stock Market3,5180.18 %Mar 15

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