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 Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 4.70 2.4 1.1 5.8 4.7 3.7 percent
Unemployment Rate 2.10 2.2 2.2 2.2 2.2 2 percent
Inflation Rate 0.70 1 1.2 1.4 1.5 2.2 percent
Interest Rate 1.11 1.8 1.7 1.8 1.6 1 percent
Balance of Trade 3685.26 6600 2850 3200 5250 7300 Million SGD
Government Debt to GDP 110.60 104 106 106 106 108 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 1.38
1.38 1.38 1.39 1.39 1.41
Stock Market 3031.00
points
3224 3193 3162 3131 3011
Government Bond 10Y 2.58
percent
2.55 2.6 2.64 2.68 2.86
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 4.70
percent
2.4 1.1 5.8 4.7 3.7
GDP Annual Growth Rate 2.60
percent
2 2.9 2.8 2.5 2.4
GDP 323.91
USD Billion
334 343 343 343 350
GDP Constant Prices 108395.10
SGD Million
109811 111255 111430 111105 115370
Gross National Product 431376.50
SGD Million
440004 443886 443455 442161 462279
Gross Fixed Capital Formation 28187.50
SGD Million
28808 26897 28977 28892 30266
GDP per capita 55235.51
USD
55600 55900 55900 55900 56240
GDP per capita PPP 85535.38
USD
86460 87000 87000 87000 90000
GDP From Construction 4312.90
SGD Million
4578 4638 4434 4421 4810
GDP From Manufacturing 21356.60
SGD Million
20460 21697 21955 21891 21496
GDP From Services 19683.70
SGD Million
20509 20085 20235 20176 21548
GDP From Transport 8151.60
SGD Million
8463 8452 8380 8355 8892
GDP From Utilities 1359.50
SGD Million
1386 1384 1398 1393 1456
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 2.10
percent
2.2 2.2 2.2 2.2 2
Employed Persons 3669.50
Thousand
3700 3750 3750 3750 3800
Unemployed Persons 106.90
Thousand
109 111 111 111 113
Average Weekly Hours 45.00
45 44.8 44.8 44.8 44.8
Labor Force Participation Rate 67.70
percent
69 71 71 71 71.5
Labour Costs 107.90
Index Points
119 122 108 110 122
Productivity 107.90
Index Points
119 122 108 110 122
Job Vacancies 58300.00
55640 54400 54290 55900 58810
Wages 5119.00
SGD/Month
5750 5850 5400 5150 6200
Population 5.61
Million
5.64 5.66 5.66 5.66 5.72
Retirement Age Women 62.00
62 62 62 62 62
Retirement Age Men 62.00
62 62 62 62 62
Employment Change 7.00
Thousands Person
3.3 7.9 8.5 -1.5 12.2
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 0.70
percent
1 1.2 1.4 1.5 2.2
Inflation Rate Mom 0.00
percent
0.3 0.2 0.1 0.5 0.5
Consumer Price Index CPI 100.30
Index Points
101 101 101 102 105
Core Consumer Prices 105.00
Index Points
105 105 105 107 109
Core Inflation Rate 1.80
percent
1.9 1.2 1.5 1.8 2.2
GDP Deflator 105.44
Index Points
107 107 106 109 112
Producer Prices 87.20
Index Points
92.18 88.43 93.65 96.38 109
Export Prices 90.70
Index Points
91 91.3 89.2 89.2 88
Import Prices 88.60
Index Points
90.3 91.4 91.2 88.9 107
Food Inflation 1.60
percent
1.5 1.4 1.2 1.3 1.7
Producer Prices Change 12.70
percent
13.8 10.4 8.9 7 11.5
CPI Housing Utilities 89.80
Index Points
90.29 90.36 90.35 91.15 93.94
CPI Transportation 98.00
Index Points
101 99.48 99.68 99.47 105
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate 1.11
percent
1.8 1.7 1.8 1.6 1
Interbank Rate 1.64
percent
2.33 2.23 2.33 2.13 1.53
Money Supply M0 44298.70
SGD Million
44298 44873 45192 45640 47644
Money Supply M1 186061.30
SGD Million
193800 196050 196290 196800 217000
Money Supply M2 598030.40
SGD Million
598800 607000 611000 612500 625000
Money Supply M3 610761.00
SGD Million
609100 613100 616000 620500 623500
Foreign Exchange Reserves 398061.40
SGD Million
394500 398000 398600 399000 410000
Banks Balance Sheet 1260990.40
SGD Million
1310000 1321500 1322900 1329000 1410000
Loans to Private Sector 669943.90
SGD Million
669000 692000 699000 705000 715000
Deposit Interest Rate 0.14
percent
0.83 0.73 0.83 0.63 0.03
Central Bank Balance Sheet 409159.80
SGD Million
415000 417000 419500 421000 429000
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade 3685.26
Million SGD
6600 2850 3200 5250 7300
Exports 47408.20
Million SGD
47600 47750 48200 48450 50300
Imports 43722.94
Million SGD
41000 44900 45000 43200 43000
Current Account 22832.40
SGD Million
22000 23000 26700 26000 24000
Current Account to GDP 19.50
percent
19.7 19.3 19.3 19.3 18.7
External Debt 2029398.90
SGD Million
1994000 2155000 2290000 2422000 2735000
Terms of Trade 102.36
Index Points
101 99.89 97.81 100 82.24
Capital Flows 14096.30
SGD Million
18000 19020 19300 19500 21500
Tourist Arrivals 1681306.00
1480000 1472000 1460000 1490000 1560000
Gold Reserves 127.40
Tonnes
127 127 127 127 127
Terrorism Index 0.00
0 0 0 0 0
Weapons Sales 47.00
USD Million
49 52 52 52 56
Foreign Direct Investment 25531.70
SGD Million
22050 23000 23600 24500 27700
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 110.60
percent
104 106 106 106 108
Government Budget 0.30
percent of GDP
-0.2 0.1 0.1 0.1 0.4
Government Budget Value 2069.10
SGD Million
1900 1630 1620 1485 1800
Government Spending 10663.00
SGD Million
10498 11458 10962 10930 11030
Government Revenues 7209.50
SGD Million
7200 7530 7570 7585 9500
Fiscal Expenditure 5140.40
SGD Million
5300 5900 5950 6100 7700
Military Expenditure 10122.00
USD Million
10600 10360 10400 10440 10570
Government Debt 527981.20
SGD Million
540000 555000 564000 572000 636000
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Business Confidence 7.00
Index Points
4 6 7 8 7
Manufacturing PMI 52.40
52.2 51.4 53 52.6 50.2
Industrial Production 3.30
percent
15 7 6.8 7.6 13
Industrial Production Mom -2.00
percent
0.8 1.1 0.7 1 1.6
Changes in Inventories 3040.50
SGD Million
3570 2020 2450 1730 1920
Bankruptcies 149.00
Companies
200 168 142 137 180
Car Registrations 8533.00
15000 12000 12200 10400 15000
Leading Economic Index 112.10
Index Points
110 111 110 110 104
Internet Speed 20345.58
KBps
22500 24100 26050 27150 28790
IP Addresses 1595352.00
IP
1608000 1613000 1617000 1621000 1652000
Competitiveness Index 83.48
Points
84.48 84.48 84.48 84.48 89.48
Competitiveness Rank 2.00
3 3 3 3 3
Composite Pmi 49.60
52 53.1 53 52.8 53.1
Ease of Doing Business 2.00
2 2 2 2 2
Corruption Index 84.00
Points
84 84 84 84 84
Corruption Rank 6.00
6 6 6 6 6
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Retail Sales MoM 2.50
percent
1.5 0.2 -0.3 -2.9 -0.5
Retail Sales YoY -0.40
percent
3.5 -1.7 1.6 -0.39 3
Consumer Spending 37426.60
SGD Million
38347 37269 38475 38362 40288
Private Sector Credit 593843.50
SGD Million
590000 601000 603500 607000 634000
Bank Lending Rate 5.33
percent
6.02 5.92 6.02 5.82 5.22
Households Debt To Gdp 58.40
percent of GDP
58.2 58.9 59.5 59.4 60
Gasoline Prices 1.70
USD/Liter
1.58 1.53 1.39 1.29 1.36
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Housing Index 149.70
Index Points
152 153 154 154 156
New Home Sales 616.00
Units
550 596 530 587 560
Home Ownership Rate 90.70
percent
91.2 91.5 91.5 91.5 91.7
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 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 17 17 17
Social Security Rate For Employees 20.00
percent
20 20 20 20 20
CLIMATE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Precipitation 263.74
mm
265 218 212 212 211
Temperature 27.69
celsius
26.16 26.33 27.85 27.85 27.19