Singapore | Economic Forecasts | 2017-2020 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 Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Growth Rate -1.30 1.2 0.8 3.9 -1.2 3.7 percent [+]
Unemployment Rate 2.30 2.3 2.4 2.4 2.5 3.1 percent [+]
Inflation Rate 0.40 0.8 1 1.5 1 2.7 percent [+]
Interest Rate 0.45 0.65 0.75 0.75 0.8 1.5 percent [+]
Balance of Trade 5416.90 5134 6771 9438 6900 5826 Million SGD [+]
Government Debt to GDP 112.00 105 105 105 104 108 percent [+]
MARKETS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Currency 1.38 1.41 1.43 1.47 1.46 1.68 [+]
Stock Market 3217.14 3160 3120 3030 3060 2550 points [+]
Government Bond 10Y 2.07 2.27 2.3 2.32 2.34 2.7 percent [+]
GDP Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Growth Rate -1.30 1.2 0.8 3.9 -1.2 3.7 percent [+]
GDP Annual Growth Rate 2.70 2.6 2.2 1.9 2.5 1.8 percent [+]
GDP 292.74 318 318 318 328 344 USD Billion [+]
GDP Constant Prices 102408.70 103971 104803 108890 107583 115328 SGD Million [+]
Gross National Product 378329.70 392935 392935 392935 421275 435207 SGD Million [+]
Gross Fixed Capital Formation 23497.80 26054 25253 24607 25300 25400 SGD Million [+]
GDP per capita 51855.08 53100 53100 53100 54247 56242 USD [+]
GDP per capita PPP 80191.54 81389 81300 81357 82077 85504 USD [+]
GDP From Construction 4746.80 4720 4990 4764 4710 5260 SGD Million [+]
GDP From Manufacturing 19050.80 18810 17600 17632 19093 18200 SGD Million [+]
GDP From Services 18519.90 19217 19400 19527 19400 22500 SGD Million [+]
GDP From Transport 7999.20 8019 7900 8291 8100 9240 SGD Million [+]
GDP From Utilities 1365.10 1372 1386 1386 1398 1450 SGD Million [+]
LABOUR Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Unemployment Rate 2.30 2.3 2.4 2.4 2.5 3.1 percent [+]
Employed Persons 3672.60 3820 3820 3820 3929 4151 Thousand [+]
Unemployed Persons 102.80 111 111 111 119 133 Thousand [+]
Average Weekly Hours 45.50 45.2 45.2 45.2 45 44.5 [+]
Labor Force Participation Rate 68.00 68.7 68.7 68.7 69 71.5 percent [+]
Labour Costs 123.30 110 110 120 126 122 Index Points [+]
Productivity 123.30 110 111 120 125 124 Index Points [+]
Job Vacancies 44500.00 46734 45734 49641 52200 58817 [+]
Wages 5379.00 4970 4800 5500 5850 6200 SGD/Month [+]
Wages in Manufacturing 4220.00 4900 4820 5600 5660 6100 SGD/Month [+]
Population 5.60 5.63 5.63 5.63 5.77 5.9 Million [+]
Retirement Age Women 62.00 62 62 62 62 62 [+]
Retirement Age Men 62.00 62 62 62 62 62 [+]
Employment Change 8.50 -3 5 6.7 -1 12.2 Thousands Person [+]
PRICES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Inflation Rate 0.40 0.8 1 1.5 1 2.7 percent [+]
Inflation Rate Mom -0.30 0.6 0.1 0.3 0.1 0.4 percent [+]
Consumer Price Index CPI 99.26 99.6 99.9 100 101 110 Index Points [+]
Core Consumer Prices 102.35 104 104 106 106 118 Index Points [+]
Core Inflation Rate 1.70 1.6 1.6 1.7 1.7 3 percent [+]
GDP Deflator 104.54 103 103 104 105 116 Index Points [+]
Producer Prices 81.30 83.5 82.7 83.3 85.1 96 Index Points [+]
Export Prices 86.20 6 7 91 91.6 105 Index Points [+]
Import Prices 83.00 6.8 85.1 87 88.5 107 Index Points [+]
Food Inflation 1.30 1.6 1.9 2.2 2.9 2.9 percent [+]
Producer Prices Change 11.20 11.9 10.7 3.8 3.1 2.7 percent [+]
Cpi Housing Utilities 89.00 89.13 88.46 88.18 88.07 88 Index Points [+]
Cpi Transportation 95.17 101 102 103 104 117 Index Points [+]
MONEY Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Interest Rate 0.45 0.65 0.75 0.75 0.8 1.5 percent [+]
Interbank Rate 0.88 0.88 1 1.25 1.25 2 percent [+]
Money Supply M0 38982.10 39945 40671 41376 42080 49702 SGD Million [+]
Money Supply M1 173952.30 175558 177466 179349 181201 199648 SGD Million [+]
Money Supply M2 573038.30 580633 587876 595051 602167 676608 SGD Million [+]
Money Supply M3 584744.80 592615 600403 608103 615723 694556 SGD Million [+]
Foreign Exchange Reserves 364403.60 365980 369169 372195 375173 407090 SGD Million [+]
Banks Balance Sheet 1189205.90 1180000 1190000 1200000 1210000 1410000 SGD Million [+]
Loans to Private Sector 627946.80 629000 631000 627000 633000 654000 SGD Million [+]
Deposit Interest Rate 0.20 0.3 0.3 0.3 0.5 1 percent [+]
Central Bank Balance Sheet 372500.20 375000 380000 385000 389229 420000 SGD Million [+]
TRADE Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Balance of Trade 5416.90 5134 6771 9438 6900 5826 Million SGD [+]
Exports 41058.59 42302 43192 44568 46130 50326 Million SGD [+]
Imports 35641.69 37168 36421 39130 39230 44500 Million SGD [+]
Current Account 19398.00 24000 25000 20000 22000 24000 SGD Million [+]
Current Account to GDP 19.00 20.5 20.5 20.5 19.3 18 percent [+]
External Debt 0.00 0 0 0 0 0 SGD Million [+]
Terms of Trade 105.10 105 107 106 103 105 Index Points [+]
Capital Flows 3283.00 18000 21000 25700 26000 21000 SGD Million [+]
Tourist Arrivals 1129745.00 1383341 1288232 1692874 1503004 2210118 [+]
Gold Reserves 127.40 127 127 127 127 127 Tonnes [+]
Terrorism Index 0.00 0.5 0.5 0.5 0.3 0.2 [+]
Weapons Sales 46.00 50 50 50 42 56 USD Million [+]
Foreign Direct Investment 25144.80 23489 22000 25703 18443 27753 SGD Million [+]
GOVERNMENT Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Government Debt to GDP 112.00 105 105 105 104 108 percent [+]
Government Budget 1.30 0.4 0.4 0.4 0.8 0.9 percent of GDP [+]
Government Budget Value -5953.10 255 -119 265 471 509 SGD Million [+]
Government Spending 10542.10 11017 10500 11300 11400 13700 SGD Million [+]
Government Revenues 6203.20 7600 7200 6500 8300 9500 SGD Million [+]
Fiscal Expenditure 12156.30 4100 6800 6900 17800 7700 SGD Million [+]
Military Expenditure 9986.30 10054 10201 10201 10428 11033 USD Million [+]
Government Debt 479226.50 487936 499652 513084 523321 621277 SGD Million [+]
BUSINESS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Business Confidence 7.00 3 6 2 1 7 [+]
Manufacturing PMI 51.10 51 50.5 50 50.7 50.2 [+]
Industrial Production 6.70 3.9 -1.1 1.5 2.9 3.1 percent [+]
Industrial Production Mom 0.10 -1.3 2.2 0.8 1.9 0.7 percent [+]
Changes in Inventories 2166.60 941 -70.25 1752 1498 1221 SGD Million [+]
Bankruptcies 157.00 180 170 190 140 180 Companies [+]
Car Registrations 8550.00 14114 12327 13105 11581 20000 Cars [+]
Leading Economic Index 108.50 102 102 102 99.8 104 Index Points [+]
Competitiveness Index 5.72 5.7 5.7 5.7 5.71 5.78 Points [+]
Competitiveness Rank 2.00 2 2 2 2 1 [+]
Composite Pmi 52.60 51.4 50.8 50.5 50.8 53.1 [+]
Ease of Doing Business 2.00 2 1 2 2 2 [+]
Corruption Index 84.00 86 86 86 83 89 Points [+]
Corruption Rank 7.00 7 7 7 6 4 [+]
CONSUMER Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Retail Sales MoM -0.30 -0.5 0.3 -1.1 -0.6 -0.5 percent [+]
Retail Sales YoY 2.10 4 2.9 3.3 2.9 2.65 percent [+]
Consumer Spending 34576.60 34801 36087 35220 35100 37671 SGD Million [+]
Private Sector Credit 556838.40 563663 570110 576392 582525 641256 SGD Million [+]
Bank Lending Rate 5.28 5.12 5 4.75 4.75 3.25 percent [+]
Gasoline Prices 1.48 1.47 1.48 1.5 1.51 1.38 USD/Liter [+]
Households Debt To Gdp 62.10 60.4 60.8 60.7 64.83 63 percent of GDP [+]
HOUSING Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Housing Index 136.70 137 137 138 139 150 Index Points [+]
New Home Sales 1555.00 680 740 510 1500 560 Units [+]
Home Ownership Rate 90.90 91 91 91.2 91.2 91.7 percent [+]
TAXES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Corporate Tax Rate 17.00 17 17 17 17 19 percent [+]
Personal Income Tax Rate 22.00 22 22 22 22 22 percent [+]
Sales Tax Rate 7.00 7 7 7 7 8 percent [+]
Social Security Rate 37.00 37 37 37 37 37 percent [+]
Social Security Rate For Companies 17.00 17 17 17 17 17 percent [+]
Social Security Rate For Employees 20.00 20 20 20 20 20 percent [+]