Singapore Economic Outlook
July 17, 2018The economy performed well in the second quarter, with annual growth supported by a continuing surge in manufacturing—particularly the electronics and biomedical clusters—and strong showings in the finance and insurance, and wholesale and retail services sub-sectors. In addition, the external sector is thus far defying trade war fears, with non-oil domestic exports soaring in April and May. However, the construction sector performed poorly in Q2, and will likely be hit further going forward after the government announced fresh property market curbs in early July; buyers will now face a higher stamp duty and more stringent loan-to-value ratios. The move is designed to reduce the risk of a housing bubble and came soon after the Central Bank warned of “euphoria” in the market, amid a recent surge in en-bloc apartment sales and a sharp rise in house prices in the first half of the year.
Singapore Economic GrowthGrowth should remain firm this year. Fixed investment should recover on firms’ higher profit levels and government infrastructure spending, while a solid labor market and higher wages are expected to support private consumption, and the fiscal stance will become more expansionary. Downside risks stem largely from increasing global trade tensions, which could have an outsized effect on Singapore’s highly open economy. Met the why particular panelists expect the economy to grow 3.2% in 2018, which is unchanged from last month’s estimate, and 2.7% in 2019.
Singapore Economy Data
5 years of Singapore economic forecasts for more than 30 economic indicators.
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Singapore Economic News
Singapore: Annual GDP growth revised up slightly in the second quarter, but still marks deceleration from Q1
August 13, 2018
A comprehensive estimate by the Ministry of Trade and Industry (MTI) released on 13 August showed that in the second quarter the economy grew a revised 3.9% year-on-year (previously reported: +3.8% year-on-year), down from Q1’s revised 4.5% (previously reported: +4.3% yoy).
August 6, 2018
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) inched down from 52.5 in June to 52.3 in July, marking the fourth consecutive monthly deceleration.
July 23, 2018
Consumer prices increased 0.1% over the previous month in June, down from May’s 0.6% increase.
July 17, 2018
Non-oil domestic exports (NODX) inched up 1.1% in June in annual terms, down sharply from May’s 15.5% growth and markedly undershooting market expectations. June’s slight uptick was driven by greater non-electronic exports—particularly of food preparations, pharmaceuticals and petrochemicals—and greater demand from the EU and the U.S. However, worsening demand conditions in many Asian markets, such as China, Japan and South Korea, weighed on growth.
July 13, 2018
A preliminary estimate by the Ministry of Trade and Industry released on 13 July showed that in the second quarter the economy grew 1.0% in quarter-on-quarter seasonally-adjusted terms (SAAR), down from a revised 1.5% in Q1 (previously reported: +1.7% quarter-on-quarter).