Singapore Economic Outlook
April 24, 2018A recently released advanced estimate for economic growth in Q1 of this year surprised on the upside. Despite moderating somewhat, activity was supported by a strong manufacturing sector and a rebound in the construction sector. The estimate was based on data for the first two months of the year, but indicators for March suggest that the more comprehensive result will hold few surprises. The manufacturing and electronics PMIs remained in expansionary territory, with the manufacturing PMI recording its 19th consecutive month of improving business conditions. However, the average electronics PMI reading for Q1 edged down from Q4 2017. This suggests a moderation in the electronics sector, a key driver of the economy, as also evidenced by trade data for the first quarter.
Singapore Economic GrowthThe outlook for 2018 remains bright. Fixed investment should rebound this year, while upbeat consumer confidence and low unemployment levels should support private consumption. There are, however, downside risks in the export-oriented sectors; weakening demand from key export markets like China would drag on growth, while increasing trade tensions between the U.S. and China could affect the larger global economy and dent Singapore’s export prospects. Met the why particular panelists expect the economy to grow 3.2% in 2018, up 0.1 percentage points from last month’s estimate, and 2.8% in 2019.
Singapore Economy Data
5 years of Singapore economic forecasts for more than 30 economic indicators.
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|Bond Yield||2.65||1.39 %||May 16|
|Exchange Rate||1.34||-0.01 %||May 16|
|Stock Market||3,533||0.18 %||May 16|
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Singapore Economic News
May 17, 2018
Non-oil domestic exports (NODX) soared 11.8% in April, contrasting March’s revised 3.2% decline (previously reported: -2.7% yoy) and handsomely beating market expectations.
May 3, 2018
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) decreased marginally to 52.9 in April from 53.0 in March, remaining well above the crucial 50-point mark that separates expansion from contraction in Singapore’s manufacturing sector and logging a 20th consecutive month of expansion.
April 23, 2018
Consumer prices decreased 0.2% over the previous month in March, contrasting February’s 0.5% month-on-month increase.
April 17, 2018
The important non-oil domestic export (NODX) sector clocked a 2.7% year-on-year contraction in March.
April 13, 2018
Although economic momentum moderated in the first quarter of the year due to a contraction in services, the pace of expansion beat market expectations.