Markets Actual Q3 Q4 Q1 Q2 2021
Currency 1.37 1.38 1.38 1.38 1.39 1.39
Stock Market (points) 2545.51 2501 2462 2422 2384 2307
Government Bond 10Y (%) 0.83 0.84 0.86 0.87 0.89 0.92

Overview Actual Q3 Q4 Q1 Q2 2021
GDP Growth Rate (%) -41.20 -2.5 1.7 5 5 3
GDP Annual Growth Rate (%) -12.60 -3 1 3.5 5.5 4.5
Unemployment Rate (%) 2.90 2.5 2.4 2.4 2.3 2.4
Inflation Rate (%) -0.50 1.1 1.5 1.5 1.9 2
Inflation Rate Mom (%) 0.00 0.5 0.5 0.5 0.5 0.5
Interest Rate (%) 0.16 0.1 0.1 0.1 0.2 0.2
Balance of Trade (Million SGD) 4988.62 3400 6800 3300 3300 7300
Current Account (SGD Million) 15541.20 23000 18000 18000 18000 16800
Current Account to GDP (%) 16.90 17 17 16.5 16.5 16.5
Government Debt to GDP (%) 126.30 120 120 118 118 118
Government Budget (% of GDP) -0.30 -12 -12 -8.7 -8.7 -8.7
Business Confidence (points) -7.00 -22 -16 -12 -12 -10
Manufacturing PMI (points) 50.20 47.7 50.5 51 51 50.4
Retail Sales MoM (%) 51.10 2.2 -0.5 -0.5 -0.5 -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 Q3 Q4 Q1 Q2 2021
GDP Growth Rate (%) -41.20 -2.5 1.7 5 5 3
GDP Annual Growth Rate (%) -12.60 -3 1 3.5 5.5 4.5
GDP (USD Billion) 372.06 340 340 390 390 390
GDP Constant Prices (SGD Million) 117792.10 117861 120423 121915 124271 125842
Gross National Product (SGD Million) 460724.70 449473 465332 476850 486065 486272
Gross Fixed Capital Formation (SGD Million) 29897.10 29451 28990 30943 31541 30294
GDP per capita (USD) 58829.60 58500 58500 59500 59500 59500
GDP per capita PPP (USD) 97341.50 90000 90000 90000 88184 96310
GDP From Construction (SGD Million) 4515.30 4693 4850 4673 4764 5068
GDP From Manufacturing (SGD Million) 24822.60 23053 23162 25691 26188 24205
GDP From Services (SGD Million) 15840.40 16511 16819 16395 16712 17576
GDP From Transport (SGD Million) 7412.90 7980 8182 7672 7821 8550
GDP From Utilities (SGD Million) 1488.40 1451 1484 1540 1570 1551

Labour Actual Q3 Q4 Q1 Q2 2021
Unemployment Rate (%) 2.90 2.5 2.4 2.4 2.3 2.4
Employed Persons (Thousand ) 3778.00 3800 3800 3800 3800 3800
Unemployed Persons (Thousand ) 110.80 113 113 113 113 113
Average Weekly Hours 44.70 44 44 45 45 45
Labor Force Participation Rate (%) 68.00 67.8 68 68 68 68
Labour Costs (points) 112.10 120 122 122 122 122
Productivity (points) 112.10 96 110 110 110 110
Wages (SGD/Month) 6148.00 5400 6100 6400 6400 6250
Population (Million) 5.71 5.74 5.74 5.78 5.78 5.78
Retirement Age Women 62.00 62 62 62 62 62
Retirement Age Men 62.00 62 62 62 62 62
Employment Change (Thousands Person) -121.80 3 12.2 12.2 12.2 12.2

Prices Actual Q3 Q4 Q1 Q2 2021
Inflation Rate (%) -0.50 1.1 1.5 1.5 1.9 2
Inflation Rate Mom (%) 0.00 0.5 0.5 0.5 0.5 0.5
Consumer Price Index CPI (points) 99.50 101 102 101 101 104
Core Consumer Prices (points) 99.05 101 102 101 101 104
Core Inflation Rate (%) -0.20 1.5 1.5 1.5 1.5 2.2
Producer Prices (points) 86.43 99.7 97.1 91.13 85.65 99.53
Export Prices (points) 91.10 90 88 88 88 88
Import Prices (points) 90.30 98.8 107 107 107 107
Food Inflation (%) 2.30 1.3 1.7 1.7 1.7 1.7
Producer Prices Change (%) -9.70 2.2 2 2 2 2.5
CPI Housing Utilities (points) 100.50 102 102 102 102 104
CPI Transportation (points) 96.70 101 103 100 98.54 105

Money Actual Q3 Q4 Q1 Q2 2021
Interest Rate (%) 0.16 0.1 0.1 0.1 0.2 0.2
Interbank Rate (%) 0.44 0.37 0.37 0.37 0.47 0.47
Money Supply M2 (SGD Million) 688455.50 614000 625000 625000 625000 625000
Foreign Exchange Reserves (SGD Million) 440653.60 440000 455432 470814 486196 516960
Banks Balance Sheet (SGD Million) 1525935.70 1566357 1616951 1667544 1718137 1819324
Loans to Private Sector (SGD Million) 680357.90 677633 715000 716631 724871 730794
Deposit Interest Rate (%) 0.20 0.16 0.16 0.16 0.26 0.26
Central Bank Balance Sheet (SGD Million) 449261.60 453464 469127 484791 500454 531781

Trade Actual Q3 Q4 Q1 Q2 2021
Balance of Trade (Million SGD) 4988.62 3400 6800 3300 3300 7300
Current Account (SGD Million) 15541.20 23000 18000 18000 18000 16800
Current Account to GDP (%) 16.90 17 17 16.5 16.5 16.5
Imports (Million SGD) 34581.96 41500 42000 42000 42000 41500
Exports (Million SGD) 39570.58 44900 45300 45300 45300 44900
External Debt (SGD Million) 2360156.70 2550000 2735000 2735000 2735000 2735000
Capital Flows (SGD Million) 9062.10 21500 21500 21500 21500 21500
Tourist Arrivals 2170.00 90000 250000 1110000 1570000 1620000
Foreign Direct Investment (SGD Million) 24617.50 26000 27700 27700 27700 27700

Government Actual Q3 Q4 Q1 Q2 2021
Government Debt to GDP (%) 126.30 120 120 118 118 118
Government Budget (% of GDP) -0.30 -12 -12 -8.7 -8.7 -8.7
Government Budget Value (SGD Million) -7831.50 1500 1800 1800 1800 1800
Government Spending (SGD Million) 13053.30 12109 12660 13510 13771 13229
Government Revenues (SGD Million) 4523.00 6300 4500 4500 4500 5500
Fiscal Expenditure (SGD Million) 12354.50 9500 7700 6900 6300 7500
Military Expenditure (USD Million) 10458.00 10570 10570 10570 10570 10570
Government Debt (SGD Million) 656258.00 595000 605000 605000 605000 616000

Taxes Actual Q3 Q4 Q1 Q2 2021
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 Q3 Q4 Q1 Q2 2021
Business Confidence (points) -7.00 -22 -16 -12 -12 -10
Manufacturing PMI (points) 50.20 47.7 50.5 51 51 50.4
Industrial Production (%) -6.70 0.8 4 4 4 6
Industrial Production Mom (%) 0.20 0.2 1.6 1.6 1.6 1.6
Changes in Inventories (SGD Million) 1414.40 2090 1920 1920 1920 1920
Bankruptcies (Companies) 110.00 155 180 180 180 180
Car Registrations 2072.00 7500 8000 9000 9500 11500
Leading Economic Index (points) 101.60 104 109 109 109 115
Composite Pmi (points) 45.60 48 50 52 52 53.1

Consumer Actual Q3 Q4 Q1 Q2 2021
Retail Sales MoM (%) 51.10 2.2 -0.5 -0.5 -0.5 -0.5
Retail Sales YoY (%) -27.80 2.5 3 3 3 3
Consumer Spending (SGD Million) 44061.80 45142 46045 45604 46485 48118
Private Sector Credit (SGD Million) 615904.20 620942 625696 629585 634410 636931
Bank Lending Rate (%) 5.25 5.19 5.19 5.19 5.29 5.29
Gasoline Prices (USD/Liter) 1.42 1.33 1.26 1.2 1.14 1.08
Households Debt To GDP (% of GDP) 51.80 53 55 55 57 59

Housing Actual Q3 Q4 Q1 Q2 2021
Housing Index (points) 152.60 158 159 160 160 166
New Home Sales (Units) 998.00 650 560 560 560 560
Home Ownership Rate (%) 91.00 91 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.