Consumption in Singapore
Singapore - Consumption
Year-on-year GDP growth accelerates in Q2
The economy expanded 4.8% year on year in the second quarter of 2022, accelerating from Q1’s 4.0% growth but below market expectations. Meanwhile, in seasonally-adjusted quarter-on-quarter terms, the economy recorded no growth in Q2, decelerating from the 0.9% expansion recorded in the prior quarter.
The acceleration in annual growth was broad based. Growth in the services sector came in at 4.7% year on year in Q2 (Q1: +4.3% yoy), with activity benefitting from the gradual loosening of Covid-19 restrictions since April. Meanwhile, growth in the construction sector sped up to 3.8% in Q2 from 1.8% in the prior quarter. Moreover, growth in the manufacturing sector picked up to 8.0% in Q2 from 7.9% in Q1.
Commenting on the outlook, Alvin Liew and Peter Chia, analysts at UOB, stated:
“There are several well-telegraphed external risks that have weakened Singapore’s outlook; 1) the on-going Russia-Ukraine conflict and its impact on commodity prices (and the resulting elevated inflation risks and [which can hurt] domestic demand), 2) global supply chain disruptions, 3) monetary policy tightening stance in the advanced economies, and 4) COVID-19 risks. […] We remain confident that Singapore will be well placed to transition into a COVID-19 endemic state and return closer to normalcy which will be positive for the services and construction sectors, while manufacturing continues to underpin growth outlook.”
FocusEconomics Consensus Forecast panelists see the economy expanding 4.1% in 2022, which is up 0.1 percentage points from the previous month’s forecast, and growing 3.3% in 2023.
Singapore - Consumption Data
|Consumption (annual variation in %)||5.2||3.2||3.1||4.2||3.7|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||1.74||1.39 %||Dec 31|
|Exchange Rate||1.34||-0.01 %||Jan 01|
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August 4, 2022
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing sector dipped in July, as did the electronics PMI. However, both remained within expansionary terrain.
July 25, 2022
Consumer prices jumped 1.00% in June over the previous month, following the 0.99% increase logged in May.
July 20, 2022
Non-oil domestic exports (NODX) rose 9.0% over the same month last year in June (May: +12.0% year-on-year).
July 15, 2022
In an unscheduled meeting on 14 July, the Monetary Authority of Singapore (MAS) re-centered the policy band of the Singapore dollar’s nominal effective exchange rate (S$NEER) to its prevailing level, with the S$NEER having been around 1.65% above the midpoint of the policy band before the announcement.
July 15, 2022
The economy expanded 4.8% year on year in the second quarter of 2022, accelerating from Q1’s 4.0% growth but below market expectations.