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 Q3/18 Q4/18 Q1/19 Q2/19 2020
GDP Growth Rate 0.60 2 2.4 1.1 5.4 3.7 percent
Unemployment Rate 2.10 2.1 2.2 2.2 2.1 2.5 percent
Inflation Rate 0.60 0.7 1 1.2 1.4 2.2 percent
Interest Rate 1.73 1.75 1.8 1.7 1.6 1 percent
Balance of Trade 5348.78 11278 6650 5344 5537 7326 Million SGD
Government Debt to GDP 110.60 104 104 106 106 108 percent
MARKETS Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Currency 1.37
 1.38 1.39 1.41 1.42 1.48
Stock Market 3216.16
points		 3156 3069 2985 2903 2597
Government Bond 10Y 2.46
percent		 2.62 2.77 2.92 3.07 3.79
GDP Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
GDP Growth Rate 0.60
percent		 2 2.4 1.1 5.4 3.7
GDP Annual Growth Rate 3.90
percent		 2.2 2.5 2.4 2.2 1.8
GDP 323.91
USD Billion		 334 334 343 343 350
GDP Constant Prices 108395.10
SGD Million		 108265 110349 110715 110780 114470
Gross National Product 431376.50
SGD Million		 410301 442161 441730 414765 458672
Gross Fixed Capital Formation 26138.90
SGD Million		 26423 28949 26766 27929 30030
GDP per capita 55235.51
USD		 55600 55600 55900 55900 56240
GDP per capita PPP 85535.38
USD		 86460 86460 87000 87000 90000
GDP From Construction 4507.10
SGD Million		 4387 4600 4615 4496 4772
GDP From Manufacturing 21085.30
SGD Million		 21044 20561 21591 19749 21328
GDP From Services 19518.70
SGD Million		 19145 20610 19987 19250 21379
GDP From Transport 8214.20
SGD Million		 8222 8505 8411 8216 8822
GDP From Utilities 1344.70
SGD Million		 1376 1393 1377 1369 1445
LABOUR Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Unemployment Rate 2.10
percent		 2.1 2.2 2.2 2.1 2.5
Employed Persons 3669.50
Thousand 		3700 3700 3750 3750 3800
Unemployed Persons 106.90
Thousand 		109 109 107 107 113
Average Weekly Hours 45.00
 45 45 44.8 44.8 45
Labor Force Participation Rate 67.70
percent		 69 69 71 71 71.5
Labour Costs 122.00
Index Points		 109 121 122 110 122
Productivity 122.00
Index Points		 109 121 122 110 124
Job Vacancies 52100.00
 55200 55640 54400 54290 58810
Wages 5808.00
SGD/Month		 4820 5750 5850 5400 6200
Population 5.61
Million		 5.64 5.64 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		 -1.5 5.1 4.11 7.37 12.2
PRICES Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Inflation Rate 0.60
percent		 0.7 1 1.2 1.4 2.2
Inflation Rate Mom 0.10
percent		 0.3 0.3 0.2 0.1 0.5
Consumer Price Index CPI 100.00
Index Points		 100 101 101 101 105
Core Consumer Prices 103.50
Index Points		 104 105 106 105 109
Core Inflation Rate 1.70
percent		 1.7 1.9 2 1.4 2.2
GDP Deflator 105.44
Index Points		 106 107 107 106 116
Producer Prices 85.90
Index Points		 80.12 82.76 82.51 87.79 91.15
Export Prices 89.90
Index Points		 90.2 91 91.3 89.2 88
Import Prices 88.20
Index Points		 88.8 90.3 91.4 91.2 107
Food Inflation 1.50
percent		 1.4 1.5 1.3 1.4 1.7
Producer Prices Change 11.60
percent		 1.8 2.3 2.5 2.2 5.5
CPI Housing Utilities 89.10
Index Points		 90.83 90.29 90.36 90.35 93.94
CPI Transportation 98.30
Index Points		 98.79 101 99.48 99.68 105
MONEY Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Interest Rate 1.73
percent		 1.75 1.8 1.7 1.6 1
Interbank Rate 1.64
percent		 1.66 1.71 1.61 1.51 0.91
Money Supply M0 44285.30
SGD Million		 44000 44298 44873 45192 47644
Money Supply M1 186126.50
SGD Million		 191500 193800 196050 196290 217000
Money Supply M2 588563.80
SGD Million		 596000 598800 607000 611000 625000
Money Supply M3 601368.40
SGD Million		 604000 609100 613100 616000 623500
Foreign Exchange Reserves 393689.00
SGD Million		 393000 394500 398000 398600 410000
Banks Balance Sheet 1285722.60
SGD Million		 1300000 1310000 1321500 1322900 1410000
Loans to Private Sector 673253.80
SGD Million		 671000 669000 692000 699000 715000
Deposit Interest Rate 0.14
percent		 0.16 0.21 0.11 0.01 -0.59
Central Bank Balance Sheet 405057.00
SGD Million		 410000 415000 417000 419500 429000
TRADE Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Balance of Trade 5348.78
Million SGD		 11278 6650 5344 5537 7326
Exports 47293.34
Million SGD		 47970 47692 48055 48262 50326
Imports 41944.57
Million SGD		 36692 41042 42712 42725 43000
Current Account 22832.40
SGD Million		 21700 22000 23000 26700 24000
Current Account to GDP 19.50
percent		 19.3 19.3 18.7 18.7 18
External Debt 1967083.10
SGD Million		 0 0 0 1968662 0
Terms of Trade 101.98
Index Points		 102 101 99.89 97.81 82.24
Capital Flows 14193.60
SGD Million		 18000 21000 19020 14940 21000
Tourist Arrivals 1468808.00
 1500000 1480000 1472000 1460000 1560000
Gold Reserves 127.40
Tonnes		 127 127 127 127 127
Terrorism Index 0.00
 0.2 0.2 0.3 0.3 0.4
Weapons Sales 47.00
USD Million		 42 42 52 52 56
Foreign Direct Investment 20265.30
SGD Million		 22200 22050 23000 23600 27700
GOVERNMENT Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Government Debt to GDP 110.60
percent		 104 104 106 106 108
Government Budget 0.30
percent of GDP		 -0.2 -0.2 -0.2 0.5 -0.4
Government Budget Value 2788.50
SGD Million		 1270 1900 1630 1620 1800
Government Spending 11135.30
SGD Million		 10499 10550 11403 10698 10944
Government Revenues 7348.50
SGD Million		 7320 7200 7530 7570 9500
Fiscal Expenditure 4560.00
SGD Million		 6050 5300 5900 5950 7700
Military Expenditure 10122.00
USD Million		 10300 10600 10360 10400 10570
Government Debt 517091.70
SGD Million		 525000 540000 555000 564000 636000
BUSINESS Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Business Confidence 7.00
Index Points		 5 4 6 7 7
Manufacturing PMI 52.30
 52.4 52.2 51.4 53 50.2
Industrial Production 7.40
percent		 13.2 15 7 6.8 13
Industrial Production Mom 3.90
percent		 0.4 0.7 1.1 0.7 1.6
Changes in Inventories 2191.80
SGD Million		 1900 3570 2020 2450 1920
Bankruptcies 110.00
Companies		 137 200 168 137 180
Car Registrations 12684.00
 9200 15000 12000 12200 15000
Leading Economic Index 112.70
Index Points		 112 110 111 110 104
Internet Speed 20345.58
KBps		 22000 22500 24100 26050 28790
IP Addresses 1595352.00
IP		 1605000 1608000 1613000 1617000 1652000
Competitiveness Index 5.71
Points		 5.73 5.73 5.75 5.75 5.78
Competitiveness Rank 3.00
 2 2 1 1 2
Composite Pmi 53.00
 52.7 52 53.1 53 53.1
Ease of Doing Business 2.00
 2 2 2 2 2
Corruption Index 84.00
Points		 87 87 88 88 89
Corruption Rank 6.00
 6 6 5 5 4
CONSUMER Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Retail Sales MoM 1.20
percent		 0.2 1.5 0.2 -0.3 -0.5
Retail Sales YoY 2.00
percent		 1.9 3.5 -1.7 1.6 3
Consumer Spending 36218.50
SGD Million		 37513 38535 37088 37043 39974
Private Sector Credit 589579.10
SGD Million		 587000 590000 601000 603500 634000
Bank Lending Rate 5.33
percent		 5.35 5.4 5.3 5.2 4.6
Households Debt To Gdp 58.70
percent of GDP		 58.4 58.2 58.9 59.2 60
Gasoline Prices 1.67
USD/Liter		 1.67 1.57 1.48 1.4 0.74
HOUSING Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Housing Index 149.00
Index Points		 150 152 153 154 156
New Home Sales 729.00
Units		 647 550 596 530 560
Home Ownership Rate 90.70
percent		 91.2 91.2 91.5 91.5 91.7
TAXES Actual Q3/18 Q4/18 Q1/19 Q2/19 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 Q3/18 Q4/18 Q1/19 Q2/19 2020
Precipitation 263.74
mm		 163 265 218 212 211
Temperature 27.69
celsius		 26.75 26.16 26.33 27.85 27.19