Markets Actual Q1 Q2 Q3 Q4 2022
Currency 1.32 1.32 1.32 1.33 1.33 1.34
Stock Market (points) 2973.54 2925 2878 2833 2787 2697
Government Bond 10Y (%) 1.31 1.31 1.33 1.36 1.38 1.43

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 3.80 5 5 10 3 2
GDP Annual Growth Rate (%) -2.40 1.5 11 3.8 4.5 2.1
Unemployment Rate (%) 3.20 3.2 2.8 2.8 2.4 2.3
Inflation Rate (%) 0.20 0.8 1.8 2.1 1.2 1.9
Inflation Rate Mom (%) 0.00 0.2 0.5 0.2 0.2 0.5
Interest Rate (%) 0.18 0.1 0.2 0.2 0.2 0.7
Balance of Trade (Million SGD) 5612.50 4100 1300 4300 7300 7300
Current Account (SGD Million) 19622.60 20000 21000 23000 23500 24000
Current Account to GDP (%) 17.60 14.5 14.5 14.5 14.5 14
Government Debt to GDP (%) 131.00 140 140 140 140 142
Government Budget (% of GDP) -13.90 -13.9 -2.5 -2.5 -2.5 -2.5
Business Confidence (points) 32.00 5 8 8 10 4
Manufacturing PMI (points) 50.70 51 51 52 50.4 50.7
Retail Sales MoM (%) -0.90 -0.5 -0.5 1.3 1.3 -0.5
Corporate Tax Rate (%) 17.00 17 17 17 17 17
Personal Income Tax Rate (%) 22.00 22 22 22 22 22

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 3.80 5 5 10 3 2
GDP Annual Growth Rate (%) -2.40 1.5 11 3.8 4.5 2.1
GDP (USD Billion) 372.06 390 390 390 390 425
GDP Constant Prices (SGD Million) 117400.50 120067 114151 116403 117188 119649
Gross National Product (SGD Million) 411756.60 467636 511404 478232 481457 491568
Gross Fixed Capital Formation (SGD Million) 27435.60 31035 23993 25111 25280 25811
GDP per capita (USD) 58829.60 59500 59500 59500 59500 61000
GDP per capita PPP (USD) 97341.50 90000 90000 90000 88184 96310
GDP From Construction (SGD Million) 3597.80 4717 2126 2630 2648 2703
GDP From Manufacturing (SGD Million) 25190.30 25509 25362 26566 26745 27307
GDP From Services (SGD Million) 16807.10 16114 17043 16563 16675 17025
GDP From Transport (SGD Million) 5881.80 7557 5475 5890 5930 6054
GDP From Utilities (SGD Million) 1471.00 1513 1505 1459 1469 1500

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 3.20 3.2 2.8 2.8 2.4 2.3
Employed Persons (Thousand ) 3597.70 3800 3800 3800 3800 3800
Unemployed Persons (Thousand ) 139.90 125 125 125 125 125
Average Weekly Hours 44.70 45 45 45 45 45
Labor Force Participation Rate (%) 68.10 68 68 68 68 68
Labour Costs (points) 94.50 115 80.5 102 117 117
Productivity (points) 94.50 105 95.5 95 108 108
Wages (SGD/Month) 5214.00 6200 5200 5400 6100 6320
Population (Million) 5.70 5.78 5.78 5.78 5.78 5.82
Retirement Age Women 62.00 62 62 62 62 62
Retirement Age Men 62.00 62 62 62 62 62
Employment Change (Thousands Person) -13.40 -20.2 15.2 10 10 12.2

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) 0.20 0.8 1.8 2.1 1.2 1.9
Inflation Rate Mom (%) 0.00 0.2 0.5 0.2 0.2 0.5
Consumer Price Index CPI (points) 100.20 101 101 102 102 104
Core Consumer Prices (points) 100.40 100 99.74 100 101 103
Core Inflation Rate (%) -0.20 0.5 0.7 0.5 1 1.5
Producer Prices (points) 88.01 90.69 91.19 96.43 92.41 97.03
Export Prices (points) 90.40 88 88 88 88 88
Import Prices (points) 93.30 107 107 107 107 107
Food Inflation (%) 1.50 1.8 1.8 2 2 1.7
Producer Prices Change (%) -6.90 1.5 5.5 9 5 5
CPI Housing Utilities (points) 99.20 102 102 102 101 103
CPI Transportation (points) 102.10 99.79 98.44 102 103 105

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 0.18 0.1 0.2 0.2 0.2 0.7
Interbank Rate (%) 0.44 1.99 0.29 0.29 1.99 1.99
Money Supply M2 (SGD Million) 715980.80 698000 695000 680000 680000 625000
Foreign Exchange Reserves (SGD Million) 491132.00 507000 532858 558412 583966 686181
Banks Balance Sheet (SGD Million) 1528444.90 1537544 1518137 1468731 1419324 1501697
Loans to Private Sector (SGD Million) 678723.90 702783 754929 703205 709266 724161
Deposit Interest Rate (%) 0.13 0.16 0.16 0.26 0.26 0.26
Central Bank Balance Sheet (SGD Million) 504234.60 520385 546006 571627 597248 699733

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (Million SGD) 5612.50 4100 1300 4300 7300 7300
Current Account (SGD Million) 19622.60 20000 21000 23000 23500 24000
Current Account to GDP (%) 17.60 14.5 14.5 14.5 14.5 14
Imports (Million SGD) 40493.16 40000 38000 38500 41500 41500
Exports (Million SGD) 46105.67 41300 42300 42000 44900 44900
External Debt (SGD Million) 2197837.50 2535000 2435000 2235000 2220000 2220000
Capital Flows (SGD Million) -16248.20 8000 12500 14000 14000 21500
Tourist Arrivals 23148.00 100000 157000 605000 620000 870000
Foreign Direct Investment (SGD Million) 30329.10 27700 27700 27700 27700 27700

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 131.00 140 140 140 140 142
Government Budget (% of GDP) -13.90 -13.9 -2.5 -2.5 -2.5 -2.5
Government Spending (SGD Million) 14068.80 13121 12432 11777 11299 11299
Government Revenues (SGD Million) 6246.20 5600 5000 6200 5500 5500
Fiscal Expenditure (SGD Million) 7843.80 6900 6300 6300 7500 7500
Military Expenditure (USD Million) 10458.00 10570 10570 10570 10570 10570
Government Debt (SGD Million) 704721.40 710000 715000 705000 706000 710000

Taxes Actual Q1 Q2 Q3 Q4 2022
Corporate Tax Rate (%) 17.00 17 17 17 17 17
Personal Income Tax Rate (%) 22.00 22 22 22 22 22
Sales Tax Rate (%) 7.00 7 7 7 7 7
Social Security Rate (%) 37.00 37 37 37 37 37
Social Security Rate For Companies (%) 17.00 17 17 17 17 17
Social Security Rate For Employees (%) 20.00 20 20 20 20 20

Business Actual Q1 Q2 Q3 Q4 2022
Business Confidence (points) 32.00 5 8 8 10 4
Manufacturing PMI (points) 50.70 51 51 52 50.4 50.7
Industrial Production (%) 14.30 8.5 4 6 6 6
Industrial Production Mom (%) 2.40 2.5 1.6 0.8 1.6 1.6
Changes in Inventories (SGD Million) 1203.70 2000 2120 19000 19000 1920
Bankruptcies (Companies) 62.00 80 65 70 60 80
Car Registrations 7873.00 9000 9500 10000 11500 11500
Leading Economic Index (points) 110.80 109 109 110 115 115
Composite PMI (points) 52.90 51 50 51 53 53

Consumer Actual Q1 Q2 Q3 Q4 2022
Retail Sales MoM (%) -0.90 -0.5 -0.5 1.3 1.3 -0.5
Retail Sales YoY (%) -3.60 3 3 5 5 3
Consumer Spending (SGD Million) 39743.00 44371 35798 40830 41105 41968
Private Sector Credit (SGD Million) 622387.60 629585 634410 632177 636931 648166
Bank Lending Rate (%) 5.25 5.37 5.14 5.14 5.37 5.37
Gasoline Prices (USD/Liter) 1.55 1.47 1.4 1.33 1.26 1.2
Households Debt To GDP (% of GDP) 52.80 55 57 59 59 59

Housing Actual Q1 Q2 Q3 Q4 2022
Housing Index (points) 157.00 160 160 160 166 170
New Home Sales (Units) 1609.00 800 1100 800 600 1000
Home Ownership Rate (%) 91.00 91.7 91.7 91.7 91.7 91.7


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.