Singapore Economic Forecast

Singapore Economic Outlook

April 16, 2019

The economy posted the weakest expansion in Q1 year-on-year since the end of the Great Recession, as advance estimates showed the manufacturing sector tanked, sinking well below the average posted in 2018 on weaker precision engineering and electronics clusters. In contrast, the construction sector rebounded after 11 consecutive quarters of yoy declines, suggesting a stabilization in the real estate market, while the services sector gained speed. Although GDP by expenditure figures have yet to be released, annual retail sales in January and February recovered slightly compared to the Q4 average, indicating private consumption may have gained impetus in Q1. This follows a softer Q4 reading weighed on by notable slowdowns in household and government spending. On the political scene, Singapore and Malaysia resolved a recent spat on port boundary claims in mid-March, which should strengthen economic ties going forward.

Singapore Economic Growth

Economic growth should be supported this year by a more expansionary fiscal stance, stronger investment and a tight labor market underpinning private consumption. However, momentum will still ebb notably compared to 2018, as trade protectionism, abating tech demand and ebbing global growth weigh on the external sector. Met the why particular panelists expect the economy to grow 2.5% in 2019, which is unchanged from last month’s estimate, and 2.5% again in 2020.

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Singapore Facts

Bond Yield2.111.39 %Apr 12
Exchange Rate1.35-0.01 %Apr 12
Stock Market3,3320.18 %Apr 12

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