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 1.40 1.5 2 2.4 1.1 3.7 percent
Unemployment Rate 2.10 2.1 2.1 2.2 2.2 2.5 percent
Inflation Rate 0.50 0.6 0.7 1 1.5 2.2 percent
Interest Rate 0.78 0.9 1 1 0.75 1.5 percent
Balance of Trade 5488.50 6800 7789 6650 6277 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 1.31
 1.33 1.34 1.35 1.37 1.42
Stock Market 3571.16
points		 3259 3179 3102 3027 2743
Government Bond 10Y 2.42
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 1.40
percent		 1.5 2 2.4 1.1 3.7
GDP Annual Growth Rate 4.30
percent		 3.7 2.2 2.5 2.4 1.8
GDP 296.98
USD Billion		 314 314 314 322 329
GDP Constant Prices 107657.70
SGD Million		 105470 108265 110134 106026 114246
Gross National Product 410271.90
SGD Million		 414990 414785 435657 420118 451925
Gross Fixed Capital Formation 28242.70
SGD Million		 27642 26423 28892 26704 29971
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 4488.20
SGD Million		 4450 4387 4591 4586 4763
GDP From Manufacturing 20059.10
SGD Million		 19546 21044 20520 19594 21287
GDP From Services 20107.10
SGD Million		 19053 19145 20570 18956 21338
GDP From Transport 8297.20
SGD Million		 8131 8222 8488 8209 8805
GDP From Utilities 1358.60
SGD Million		 1355 1376 1390 1397 1442
LABOUR Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Unemployment Rate 2.10
percent		 2.1 2.1 2.2 2.2 2.5
Employed Persons 3669.50
Thousand 		3929 3670 3929 3670 4151
Unemployed Persons 106.90
Thousand 		119 107 119 107 133
Average Weekly Hours 45.00
 45 45 45 45 44.5
Labor Force Participation Rate 68.00
percent		 69 68.27 69 68.41 71.5
Labour Costs 117.10
Index Points		 112 111 121 112 122
Productivity 117.10
Index Points		 111 111 121 112 124
Job Vacancies 46600.00
 50500 52698 55641 51970 58817
Wages 5596.00
SGD/Month		 5150 4820 5750 5850 6200
Population 5.60
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 12.80
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 0.50
percent		 0.6 0.7 1 1.5 2.2
Inflation Rate Mom 0.50
percent		 0.2 0.3 0.3 0.2 0.5
Consumer Price Index CPI 100.00
Index Points		 100 100 101 102 105
Core Consumer Prices 103.30
Index Points		 104 104 105 106 109
Core Inflation Rate 1.70
percent		 1.6 1.7 1.9 2 2.2
GDP Deflator 107.74
Index Points		 105 105 107 105 116
Producer Prices 80.80
Index Points		 78.13 80.12 82.76 81.55 91.15
Export Prices 86.20
Index Points		 85 85 85 85.8 88
Import Prices 84.20
Index Points		 90 83.63 94 83.67 107
Food Inflation 1.50
percent		 1.4 1.5 1.5 1.36 1.7
Producer Prices Change -0.80
percent		 1.2 1.8 2.3 2.5 5.5
CPI Housing Utilities 89.50
Index Points		 91.36 90.83 90.29 92.96 93.94
CPI Transportation 98.90
Index Points		 98.59 98.79 101 101 105
MONEY Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Interest Rate 0.78
percent		 0.9 1 1 0.75 1.5
Interbank Rate 0.88
percent		 0.52 0.62 0.62 0.37 1.12
Money Supply M0 43857.90
SGD Million		 44819 45694 46574 47452 56933
Money Supply M1 185975.00
SGD Million		 189248 191622 193952 196236 218638
Money Supply M2 583580.20
SGD Million		 590440 595578 600659 605683 657446
Money Supply M3 595944.50
SGD Million		 602877 608018 613093 618105 669313
Foreign Exchange Reserves 376285.50
SGD Million		 370109 370517 371237 370993 370759
Banks Balance Sheet 1236178.00
SGD Million		 1234000 1241158 1260000 1240583 1410000
Loans to Private Sector 650929.40
SGD Million		 636000 659266 638000 665821 654000
Deposit Interest Rate 0.20
percent		 0.5 0.19 0.5 0.19 1
Central Bank Balance Sheet 385528.80
SGD Million		 394234 382912 400000 382310 420000
TRADE Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Balance of Trade 5488.50
Million SGD		 6800 7789 6650 6277 7326
Exports 43267.60
Million SGD		 44500 44481 47692 44239 50326
Imports 37779.10
Million SGD		 37700 36692 41042 37962 43000
Current Account 17751.50
SGD Million		 22800 25241 22000 24710 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 102.38
Index Points		 94.44 102 90.43 103 82.24
Capital Flows 10835.30
SGD Million		 20000 10418 26000 9682 21000
Tourist Arrivals 1560456.00
 1449153 1454700 1777518 1454700 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 1.30
percent of GDP		 -0.2 -0.2 -0.2 -0.2 -0.4
Government Budget Value 616.30
SGD Million		 3600 1776 1900 2752 1800
Government Spending 10292.30
SGD Million		 10588 10499 10529 10397 10922
Government Revenues 7778.50
SGD Million		 8500 7151 7200 7965 9500
Fiscal Expenditure 7162.20
SGD Million		 4900 5375 5300 5213 7700
Military Expenditure 9986.30
USD Million		 10601 10247 10601 10480 11161
Government Debt 502021.90
SGD Million		 493849 493798 493802 493802 493802
BUSINESS Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Business Confidence 1.00
Index Points		 3.4 3.8 3.6 3.84 7
Manufacturing PMI 53.00
 52.9 52.4 52.2 51.4 50.2
Industrial Production 8.90
percent		 11.7 13.2 15 11.97 13
Industrial Production Mom -0.50
percent		 1.3 1.4 1.7 1.1 1.6
Changes in Inventories 6297.30
SGD Million		 4303 3991 4092 4060 4068
Bankruptcies 111.00
Companies		 160 132 200 140 180
Car Registrations 6076.00
 15000 9170 15000 10664 20000
Leading Economic Index 112.60
Index Points		 102 113 102 113 104
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 53.70
 50.8 52.65 51.1 52.83 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 -1.70
percent		 -0.6 -3.36 1.5 2.27 -0.5
Retail Sales YoY 8.60
percent		 1.8 1.9 3.5 -1.7 3
Consumer Spending 37595.30
SGD Million		 36663 37513 38460 36335 39896
Private Sector Credit 575046.60
SGD Million		 580953 585644 590234 594708 636959
Bank Lending Rate 5.33
percent		 4.5 5.28 4.25 5.28 3.25
Households Debt To Gdp 58.10
percent of GDP		 58.09 58.09 61 58.09 63
Gasoline Prices 1.67
USD/Liter		 1.52 1.42 1.33 1.52 0.89
HOUSING Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Housing Index 143.00
Index Points		 140 149 141 150 150
New Home Sales 431.00
Units		 740 973 550 945 560
Home Ownership Rate 90.90
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