Singapore Economic Outlook
January 22, 2019Annual economic growth slowed to a near two-and-a-half year low in the final quarter of 2018, according to an advanced estimate. This followed a deceleration in the services sector, which outweighed the uptick in manufacturing activities and a softer contraction in the construction sector. Looking ahead to Q1 2019, global demand for electronics and technology seems to be abating, which will likely depress Singapore’s manufacturing and external sector. The electronics PMI reading has been softening lately and, in December, recorded the lowest reading since July 2016. In the same month, non-oil domestic exports plummeted, led by steep falls in electronics and pharmaceuticals. On the political front, there is speculation over whether the prime minister will hold general elections this year, to take advantage of still-strong domestic growth and an expected boost in popularity following Singapore’s bicentennial commemoration. The unveiling of the 2019 budget in mid-February should be a strong bellwether of plans.
Singapore Economic GrowthAlthough annual growth is expected to moderate in 2019, the expansion should remain brisk nonetheless, thanks to a solid service sector, strong investment and a robust labor market which should support private consumption. However, trade protectionism and slowing global demand will continue to weigh on the external sector. Met the why particular panelists expect the economy to grow 2.5% in 2019, which is down 0.1 percentage points from last month’s estimate, and 2.5% again in 2020.
Singapore Economy Data
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|Bond Yield||2.15||1.39 %||Feb 14|
|Exchange Rate||1.36||-0.01 %||Feb 14|
|Stock Market||3,253||0.18 %||Feb 14|
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Singapore Economic News
February 5, 2019
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) fell to 50.7 points in January from 51.1 points in December, the lowest reading since December 2016.
January 23, 2019
Consumer prices increased 0.1% over the previous month in December, edging down from the 0.2% uptick recorded in November.
January 17, 2019
Non-oil domestic exports (NODX) decreased by 11.1% year-on-year in January, contracting at a stronger pace than December’ 8.5% decline.
January 2, 2019
According to an advanced estimate released on 2 January by the Ministry of Trade and Industry (MTI), the economy slowed in the fourth quarter due to softer growth in the services producing industries.
December 24, 2018
Consumer prices increased 0.2% over the previous month in November, contrasting the 0.3% decline posted in October.