Consumption in Singapore
Singapore - Consumption
Economic growth slumps to near decade low in Q1
The economy flagged in the first quarter of the year due to a decline in the manufacturing sector, according to an advanced estimate released by the Ministry of Trade and Industry (MTI) on 12 April. The economy expanded 1.3% on an annual basis in Q1, marking the worst reading in nearly a decade. This was significantly lower than the 1.9% figure recorded in Q4 last year and undershot analysts’ expectations of a 1.5% outturn. In quarter-on-quarter seasonally-adjusted annualized terms (SAAR), GDP growth accelerated to 2.0% in Q1, up from the 1.4% posted in Q4 2018.
The manufacturing sector contracted 1.9% in Q1 in annual terms, contrasting the 5.1% expansion in the previous quarter, due to weaker output in the precision engineering and electronics clusters. On the other hand, the construction sector expanded for the first time in two-and-a-half years on stronger private-sector activity, increasing 1.4% in Q1 (Q4 2018: -1.0% year-on-year). Meanwhile, the service sector grew 2.1%, which was slightly higher than the 1.8% expansion registered in the quarter prior.
Year-on-year growth is seen picking up in the remainder of the year on a more favorable base of comparison and expansionary fiscal policy. However, Singapore’s economy continues to face multiple economic headwinds, chiefly a slowdown in global demand for technology, uncertain momentum in China and the U.S.-Sino trade standoff.
The Ministry of Trade and Industry (MTI) expects the economy to grow between 1.5% and 3.5% in 2019. Met the why particular Consensus Forecast panelists project the economy would grow 2.5% in 2019, unchanged from the previous month’s forecast, and 2.5% in 2020.
Singapore - Consumption Data
|Consumption (annual variation in %)||3.6||3.4||5.0||1.7||3.1|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||2.20||1.39 %||Jan 30|
|Exchange Rate||1.35||-0.01 %||Jan 30|
|Stock Market||3,174||0.18 %||Jan 30|
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April 17, 2019
Non-oil domestic exports (NODX) decreased by 11.7% year-on-year in March, contrasting February’s short-lived 4.8% increase (previously reported: +4.9% year-on-year).
April 12, 2019
The economy flagged in the first quarter of the year due to a decline in the manufacturing sector, according to an advanced estimate released by the Ministry of Trade and Industry (MTI) on 12 April.
April 12, 2019
At its first biannual meeting of 2019 held on 12 April, the Monetary Authority of Singapore (MAS) maintained the undisclosed rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band.
April 4, 2019
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) edged up to 50.8 points in March from 50.4 points in February, marking the first uptick since August of last year.
March 25, 2019
Consumer prices increased 0.5% over the previous month in February, contrasting the 0.3% decline recorded in January.