Current Account in Singapore
Singapore - Current AccountAfter easing in Q3, economic growth appears likely to slow further in Q4 as the favorable base effect continues to subside. This comes despite solid underlying dynamics: Healthy growth in non-oil exports through July–September will have likely continued into Q4 on the back of robust external demand for semiconductor products, as evidenced by the PMI for the electronics sector remaining well within expansionary territory in October. Moreover, the continued relaxing of entry restrictions for multiple countries and the easing of some domestic controls bodes well for activity in the final stretch of the year. That said, a spike in daily Covid-19 cases in October prompted authorities to announce that they will no longer pay Covid-19 medical bills for citizens who choose not to be vaccinated, in an effort to encourage even higher vaccination levels and to avoid overwhelming already-strained health services.
Singapore - Current Account Data
|Current Account (% of GDP)||18.7||17.6||16.3||17.2||17.0|
5 years of economic forecasts for more than 30 economic indicators.
Singapore Current Account Chart
Source: Singapore Ministry of Trade and Industry and FocusEconomics calculations.
|Bond Yield||1.74||1.39 %||Dec 31|
|Exchange Rate||1.34||-0.01 %||Jan 01|
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November 5, 2021
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors both remained in expansionary terrain in October as they continued to recover well from the pandemic’s negative impact.
October 25, 2021
Consumer prices rose 0.42% in September over the previous month, moderating from August's 0.55% rise.
October 18, 2021
Non-oil domestic exports (NODX) grew 12.3% year-on-year in September, accelerating significantly from August’s 2.7% increase.
October 14, 2021
The economy expanded 6.5% year-on-year in the third quarter according to an advanced estimate, slowing notably from Q2’s 15.2% growth which had marked the fastest expansion since Q2 2010.
October 14, 2021
At its 14 October meeting, the Monetary Authority of Singapore (MAS) raised the slope of the Singapore dollar nominal effective exchange rate (S$NEER) policy band from 0.0% previously, thus allowing the dollar to appreciate “slightly” on an annual basis—widely believed to be 0.5% per annum—and effectively tightening its monetary stance.