Singapore Economic Forecast

Singapore Economic Outlook

November 14, 2017

Momentum in economic growth appears to have carried over into the last quarter of the year, according to recent data. The manufacturing PMI recorded a new multi-year high in October, on the back of growing new orders and production. The services sector is also showing signs of further strengthening: According to the latest survey on business expectations, a greater number of firms expect better business conditions in the six months up to March 2018. Singapore’s economy shifted into a higher gear in the third quarter, as the upturn in the global electronics cycle boosted manufacturing output and stronger external demand led to a slight acceleration in services sector growth. The construction sector remained the only drag on growth, as it struggles to unwind its oversupply. However, a second estimate for private residential property prices in the third quarter revised the increase in prices upwards, suggesting the sector could have finally bottomed out after 15 consecutive quarterly drops in prices.

Singapore Economic Growth

Growth should soften somewhat in 2018, but nevertheless remain healthy. Stronger infrastructure spending and business confidence are expected to underpin fixed investment, while a further pick-up in global trade should continue to support exports. Moreover, higher earnings should translate into stronger household spending. However, the recovery in private consumption will be gradual and depend on the evolution of house prices. Met the why particular panelists expect the economy to grow 2.6% in 2018, up 0.1 percentage points from last month, and also 2.6% in 2019.

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Singapore Facts

ValueChangeDate
Bond Yield2.041.39 %Dec 06
Exchange Rate1.35-0.01 %Dec 06
Stock Market3,3970.18 %Dec 06

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