Singapore - Economic Forecasts - 2018-2020 Outlook

This page has economic forecasts for Singapore including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Singapore economy.


Overview Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
GDP Growth Rate 1.70 1.5 2 2.4 1.1 3.7 percent
Unemployment Rate 2.00 2.1 2.1 2.2 2.2 2.5 percent
Inflation Rate 0.10 0.6 0.7 1 0.1 2.2 percent
Interest Rate 1.12 1.5 1.3 1.4 1.5 1.5 percent
Balance of Trade 5431.45 6800 11344 6650 6135 7326 Million SGD
Government Debt to GDP 110.60 104 104 104 106 108 percent
MARKETS Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Currency 1.35
 1.33 1.34 1.35 1.37 1.42
Stock Market 3325.76
points		 3259 3179 3102 3027 2743
Government Bond 10Y 2.60
percent		 2.46 2.6 2.74 2.9 3.61
GDP Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
GDP Growth Rate 1.70
percent		 1.5 2 2.4 1.1 3.7
GDP Annual Growth Rate 4.40
percent		 3.7 2.2 2.5 2.4 1.8
GDP 296.98
USD Billion		 314 314 314 322 329
GDP Constant Prices 108120.00
SGD Million		 106200 108265 110349 110715 114470
Gross National Product 431376.50
SGD Million		 413344 410301 442161 441730 458672
Gross Fixed Capital Formation 26138.90
SGD Million		 27833 26423 28949 26766 30030
GDP per capita 52600.60
USD		 54247 54247 54247 55848 56242
GDP per capita PPP 81443.40
USD		 82077 83460 82077 84207 85504
GDP From Construction 4507.10
SGD Million		 4480 4387 4600 4615 4772
GDP From Manufacturing 21085.30
SGD Million		 19681 21044 20561 21591 21328
GDP From Services 19518.70
SGD Million		 19185 19145 20610 19987 21379
GDP From Transport 8214.20
SGD Million		 8187 8222 8505 8411 8822
GDP From Utilities 1344.70
SGD Million		 1364 1376 1393 1377 1445
LABOUR Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Unemployment Rate 2.00
percent		 2.1 2.1 2.2 2.2 2.5
Employed Persons 3669.50
Thousand 		3700 3700 3700 3750 3800
Unemployed Persons 106.90
Thousand 		109 109 109 107 113
Average Weekly Hours 45.00
 45 45 45 45 45
Labor Force Participation Rate 67.70
percent		 69 67.79 69 67.56 71.5
Labour Costs 122.00
Index Points		 112 109 121 121 122
Productivity 122.00
Index Points		 111 109 121 121 124
Job Vacancies 52100.00
 50500 55297 55641 54457 58817
Wages 5808.00
SGD/Month		 5150 4820 5750 5850 6200
Population 5.61
Million		 5.77 5.63 5.62 5.64 5.79
Retirement Age Women 62.00
 62 62 62 62 62
Retirement Age Men 62.00
 62 62 62 62 62
Employment Change 1.20
Thousands Person		 12.4 16.95 5.1 17.14 12.2
PRICES Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Inflation Rate 0.10
percent		 0.6 0.7 1 0.1 2.2
Inflation Rate Mom -0.50
percent		 0.2 0.3 0.3 0.2 0.5
Consumer Price Index CPI 99.30
Index Points		 100 100 101 99.9 105
Core Consumer Prices 104.20
Index Points		 104 104 105 106 109
Core Inflation Rate 1.30
percent		 1.6 1.7 1.9 2 2.2
GDP Deflator 107.84
Index Points		 105 106 107 107 116
Producer Prices 81.70
Index Points		 78.13 80.12 82.76 82.51 91.15
Export Prices 87.00
Index Points		 85 85 85 87.29 88
Import Prices 84.80
Index Points		 90 85.14 94 85.02 107
Food Inflation 1.40
percent		 1.4 1.5 1.5 1.46 1.7
Producer Prices Change 2.50
percent		 1.2 1.8 2.3 2.5 5.5
CPI Housing Utilities 86.95
Index Points		 91.36 90.83 90.29 89.38 93.94
CPI Transportation 98.40
Index Points		 98.59 98.79 101 98.4 105
MONEY Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Interest Rate 1.12
percent		 1.5 1.3 1.4 1.5 1.5
Interbank Rate 1.52
percent		 1.9 1.7 1.8 1.9 1.9
Money Supply M0 43835.80
SGD Million		 44510 45344 46189 47033 56143
Money Supply M1 190601.90
SGD Million		 192410 195340 198218 201043 228944
Money Supply M2 591635.60
SGD Million		 595513 601312 607028 612687 671429
Money Supply M3 604248.00
SGD Million		 608184 614166 620049 625866 685818
Foreign Exchange Reserves 385143.50
SGD Million		 386306 390015 393341 396654 432945
Banks Balance Sheet 1267520.30
SGD Million		 1234000 1286544 1260000 1290008 1410000
Loans to Private Sector 667135.90
SGD Million		 636000 684757 638000 702982 654000
Deposit Interest Rate 0.14
percent		 0.52 0.32 0.42 0.52 0.52
Central Bank Balance Sheet 393222.50
SGD Million		 394234 397576 400000 398130 420000
TRADE Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Balance of Trade 5431.45
Million SGD		 6800 11344 6650 6135 7326
Exports 47959.22
Million SGD		 44500 48036 47692 48121 50326
Imports 42527.78
Million SGD		 37700 36692 41042 41986 43000
Current Account 20538.10
SGD Million		 22800 20546 22000 20547 24000
Current Account to GDP 19.50
percent		 19.3 19.3 19.3 18.7 18
External Debt 0.00
SGD Million		 0 0 0 0 0
Terms of Trade 102.60
Index Points		 94.44 99.84 90.43 103 82.24
Capital Flows 14193.60
SGD Million		 20000 15104 26000 15026 21000
Tourist Arrivals 1577547.00
 1449153 1534500 1777518 1545800 2210118
Gold Reserves 127.40
Tonnes		 127 127 127 127 127
Terrorism Index 0.00
 0.3 0 0.3 0 0.2
Weapons Sales 47.00
USD Million		 42 34.45 42 36.94 56
Foreign Direct Investment 23354.10
SGD Million		 24392 21565 22046 21565 27753
GOVERNMENT Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Government Debt to GDP 110.60
percent		 104 104 104 106 108
Government Budget 0.30
percent of GDP		 -0.2 -0.2 -0.2 -0.2 -0.4
Government Budget Value 1356.30
SGD Million		 3600 1772 1900 1253 1800
Government Spending 11135.30
SGD Million		 10661 10499 10550 11403 10944
Government Revenues 4666.50
SGD Million		 8500 7827 7200 7224 9500
Fiscal Expenditure 3310.20
SGD Million		 4900 6055 5300 5971 7700
Military Expenditure 10122.00
USD Million		 10601 10247 10601 10480 11161
Government Debt 517091.70
SGD Million		 526873 535973 545675 555849 636930
BUSINESS Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Business Confidence 13.00
Index Points		 4 5 3.6 5 7
Manufacturing PMI 52.70
 52.9 52.4 52.2 51.4 50.2
Industrial Production 9.10
percent		 11.7 13.2 15 6.74 13
Industrial Production Mom 0.20
percent		 1.3 1.4 1.7 1.1 1.6
Changes in Inventories 2191.80
SGD Million		 2815 1936 3570 2020 1925
Bankruptcies 127.00
Companies		 160 137 200 135 180
Car Registrations 9467.00
 12000 9200 15000 12000 15000
Leading Economic Index 112.70
Index Points		 102 112 102 111 104
Internet Speed 20345.58
KBps		 23691 24611 24570 25039 28793
IP Addresses 1595352.00
IP		 1599289 1592822 1585315 1577649 1498931
Competitiveness Index 5.71
Points		 5.71 5.71 5.73 5.71 5.78
Competitiveness Rank 3.00
 2 2 2 2 1
Composite Pmi 56.80
 54 52.7 52 52.8 53.1
Ease of Doing Business 2.00
 2 2 2 2 2
Corruption Index 84.00
Points		 84 84 87 84 89
Corruption Rank 6.00
 6 6 6 6 4
CONSUMER Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Retail Sales MoM -0.20
percent		 -0.6 0.17 1.5 0.18 -0.5
Retail Sales YoY 0.40
percent		 1.8 1.9 3.5 -1.7 3
Consumer Spending 36218.50
SGD Million		 36916 37513 38535 37088 39974
Private Sector Credit 584070.20
SGD Million		 588255 594328 600283 606090 661103
Bank Lending Rate 5.33
percent		 5.71 5.51 5.61 5.71 5.71
Households Debt To Gdp 58.70
percent of GDP		 59.42 59.67 61 60.01 63
Gasoline Prices 1.68
USD/Liter		 1.68 1.58 1.49 1.41 0.98
HOUSING Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Housing Index 144.10
Index Points		 140 149 141 150 150
New Home Sales 729.00
Units		 740 647 550 597 560
Home Ownership Rate 90.70
percent		 91.2 90.75 91.2 90.6 91.7
TAXES Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Corporate Tax Rate 17.00
percent		 17 17 17 17 17
Personal Income Tax Rate 22.00
percent		 22 22 22 22 23
Sales Tax Rate 7.00
percent		 7 7 7 7 7
Social Security Rate 37.00
percent		 37 37 37 37 37
Social Security Rate For Companies 17.00
percent		 17 17.09 17 16.82 17
Social Security Rate For Employees 20.00
percent		 20 20 20 20 20
CLIMATE Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Precipitation 263.74
mm		 178 163 265 218 211
Temperature 27.69
celsius		 27.19 26.75 26.16 26.33 27.19