Singapore | Economic Forecasts | 2017-2020 Outlook

Singapore's economy is estimated to grow around 2.5 percent this year, higher than 2 percent in 2016, alongside improving global macroeconomic conditions. While the trade-related sectors and services are expected to accelerate, the growth of the domestic-oriented sectors will be relatively weak. Manufacturing output will pick up significantly, namely the electronics and precision engineering clusters, on the back of robust demand for semiconductors. Inflation is forecasted to recover to 0.5-1 percent from -0.5 percent last year, driven by higher petrol and electricity prices. Monetary policy will remain accommodative. Housing market is expected to recover, following three years of price decreases, after the government eased some property cooling measures in March, which were in an effect since 2009. 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 Q3/17 Q4/17 Q1/18 Q2/18 2020
GDP Growth Rate 0.40 0.8 3.9 -1.2 1.5 3.7 percent [+]
Unemployment Rate 2.20 2.3 2.3 2.4 2.4 3.1 percent [+]
Inflation Rate 0.50 0.9 1.5 1.2 1.5 2.7 percent [+]
Interest Rate 0.82 0.75 0.75 0.8 0.9 1.5 percent [+]
Balance of Trade 6440.03 6771 9438 6900 4500 5826 Million SGD [+]
Government Debt to GDP 112.00 105 105 104 104 108 percent [+]
MARKETS Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Currency 1.36 1.39 1.41 1.42 1.44 1.59 [+]
Stock Market 3336.72 3180 3150 3110 3080 2730 points [+]
Government Bond 10Y 2.07 2.17 2.19 2.21 2.24 2.47 percent [+]
GDP Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
GDP Growth Rate 0.40 0.8 3.9 -1.2 1.5 3.7 percent [+]
GDP Annual Growth Rate 2.50 2.9 1.9 2.5 2.3 1.8 percent [+]
GDP 296.97 304 304 314 314 329 USD Billion [+]
GDP Constant Prices 102408.70 104803 108890 107583 109197 115328 SGD Million [+]
Gross National Product 378329.70 392935 392935 421275 421275 435207 SGD Million [+]
Gross Fixed Capital Formation 23497.80 25253 24607 25300 26520 25400 SGD Million [+]
GDP per capita 52600.60 53100 53100 54247 54247 56242 USD [+]
GDP per capita PPP 81443.40 81300 81357 82077 82077 85504 USD [+]
GDP From Construction 4746.80 4990 4764 4710 4730 5260 SGD Million [+]
GDP From Manufacturing 19050.80 17600 17632 19093 19253 18200 SGD Million [+]
GDP From Services 18519.90 19400 19527 19400 20500 22500 SGD Million [+]
GDP From Transport 7999.20 7900 8291 8100 8600 9240 SGD Million [+]
GDP From Utilities 1365.10 1386 1386 1398 1410 1450 SGD Million [+]
LABOUR Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Unemployment Rate 2.20 2.3 2.3 2.4 2.4 3.1 percent [+]
Employed Persons 3672.60 3820 3820 3929 3929 4151 Thousand [+]
Unemployed Persons 102.80 111 111 119 119 133 Thousand [+]
Average Weekly Hours 45.50 45.2 45.2 45 45 44.5 [+]
Labor Force Participation Rate 68.00 68.7 68.7 69 69 71.5 percent [+]
Labour Costs 123.30 110 120 126 112 122 Index Points [+]
Productivity 123.30 111 120 125 111 124 Index Points [+]
Job Vacancies 45300.00 45734 49641 52200 50500 58817 [+]
Wages 5586.00 4800 5500 5800 5150 6200 SGD/Month [+]
Wages in Manufacturing 4220.00 4820 5600 5660 5200 6100 SGD/Month [+]
Population 5.60 5.63 5.63 5.77 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 5 6.7 -1 12.4 12.2 Thousands Person [+]
PRICES Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Inflation Rate 0.50 0.9 1.5 1.2 1.5 2.7 percent [+]
Inflation Rate Mom -0.10 0.1 0.3 0.1 0.1 0.4 percent [+]
Consumer Price Index CPI 99.45 99.9 100 101 101 110 Index Points [+]
Core Consumer Prices 102.00 104 106 106 106 118 Index Points [+]
Core Inflation Rate 1.50 1.6 1.7 1.7 1.9 3 percent [+]
GDP Deflator 104.54 103 104 105 105 116 Index Points [+]
Producer Prices 78.60 82.7 83.3 85.1 86 96 Index Points [+]
Export Prices 86.00 7 91 91.6 93 105 Index Points [+]
Import Prices 82.40 85.1 87 88.5 90 107 Index Points [+]
Food Inflation 1.40 1.9 2.2 2.9 3.2 2.9 percent [+]
Producer Prices Change 5.65 10.7 3.8 3.1 3.6 2.7 percent [+]
Cpi Housing Utilities 90.82 90.78 90.76 90.76 90.76 90.76 Index Points [+]
Cpi Transportation 98.00 102 103 104 106 117 Index Points [+]
MONEY Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Interest Rate 0.82 0.75 0.75 0.8 0.9 1.5 percent [+]
Interbank Rate 0.88 1 1.25 1.25 1.25 2 percent [+]
Money Supply M0 39653.20 40555 41249 41941 42632 49448 SGD Million [+]
Money Supply M1 176275.90 179133 181242 183316 185358 204055 SGD Million [+]
Money Supply M2 573872.60 582708 589236 595708 602124 663328 SGD Million [+]
Money Supply M3 585494.60 594875 601693 608438 615112 678104 SGD Million [+]
Foreign Exchange Reserves 366634.00 369804 372825 375826 378815 408103 SGD Million [+]
Banks Balance Sheet 1188627.80 1190000 1200000 1210000 1234000 1410000 SGD Million [+]
Loans to Private Sector 633220.60 631000 627000 633000 636000 654000 SGD Million [+]
Deposit Interest Rate 0.20 0.3 0.3 0.5 0.5 1 percent [+]
Central Bank Balance Sheet 377197.40 380000 385000 389229 394234 420000 SGD Million [+]
TRADE Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Balance of Trade 6440.03 6771 9438 6900 4500 5826 Million SGD [+]
Exports 43039.91 43192 44568 46130 44500 50326 Million SGD [+]
Imports 36599.88 36421 39130 39230 40000 44500 Million SGD [+]
Current Account 19398.00 25000 20000 22000 22800 24000 SGD Million [+]
Current Account to GDP 19.00 20.5 20.5 19.3 19.3 18 percent [+]
External Debt 0.00 0 0 0 0 0 SGD Million [+]
Terms of Trade 104.37 107 106 103 104 105 Index Points [+]
Capital Flows 3283.00 21000 25700 26000 20000 21000 SGD Million [+]
Tourist Arrivals 1467851.00 1288232 1692874 1503004 1449153 2210118 [+]
Gold Reserves 127.40 127 127 127 127 127 Tonnes [+]
Weapons Sales 46.00 50 50 42 42 56 USD Million [+]
Terrorism Index 0.00 0.5 0.5 0.3 0.3 0.2 [+]
Foreign Direct Investment 25144.80 22000 25703 18443 24392 27753 SGD Million [+]
GOVERNMENT Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Government Debt to GDP 112.00 105 105 104 104 108 percent [+]
Government Budget 1.30 0.4 0.4 0.8 0.8 0.9 percent of GDP [+]
Government Budget Value 2726.70 -295 300 507 549 615 SGD Million [+]
Government Spending 10542.10 10500 11300 11400 11400 13700 SGD Million [+]
Government Revenues 8531.70 7200 6500 8300 8500 9500 SGD Million [+]
Fiscal Expenditure 5805.00 6800 6900 17800 4900 7700 SGD Million [+]
Military Expenditure 9986.30 10201 10201 10428 10601 11033 USD Million [+]
Government Debt 479226.50 499652 513084 523321 533182 621277 SGD Million [+]
BUSINESS Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Business Confidence 7.00 6 2 1 4 7 [+]
Manufacturing PMI 50.90 50.5 50 50.7 51.1 50.2 [+]
Industrial Production 13.10 -1.1 1.5 2.9 2.9 3.1 percent [+]
Industrial Production Mom 9.70 2.2 0.8 1.9 1.9 0.7 percent [+]
Changes in Inventories 2166.60 -70.25 1752 1498 1368 1221 SGD Million [+]
Bankruptcies 138.00 170 190 138 160 180 Companies [+]
Car Registrations 11209.00 12327 13105 11581 15000 20000 Cars [+]
Leading Economic Index 108.50 102 102 99.8 102 104 Index Points [+]
Competitiveness Index 5.72 5.7 5.7 5.71 5.71 5.78 Points [+]
Competitiveness Rank 2.00 2 2 2 2 1 [+]
Composite Pmi 50.70 50.8 50.5 50.8 50.8 53.1 [+]
Ease of Doing Business 2.00 1 2 2 2 2 [+]
Corruption Index 84.00 86 86 83 83 89 Points [+]
Corruption Rank 7.00 7 7 6 6 4 [+]
CONSUMER Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Retail Sales MoM -1.00 0.3 -1.1 -0.6 -0.6 -0.5 percent [+]
Retail Sales YoY 0.90 2.9 3.3 2.9 1.8 2.65 percent [+]
Consumer Spending 34576.60 36087 35220 35100 35100 37671 SGD Million [+]
Private Sector Credit 560877.10 568746 574737 580600 586325 636538 SGD Million [+]
Bank Lending Rate 5.28 5 4.75 4.75 4.5 3.25 percent [+]
Gasoline Prices 1.48 1.48 1.45 1.4 1.37 1.36 USD/Liter [+]
Households Debt To Gdp 61.00 60.8 60.7 58.91 58.81 63 percent of GDP [+]
HOUSING Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Housing Index 136.30 137 138 139 140 150 Index Points [+]
New Home Sales 1024.00 740 510 1500 740 560 Units [+]
Home Ownership Rate 90.90 91 91 91.2 91.2 91.7 percent [+]
TAXES Actual Q3/17 Q4/17 Q1/18 Q2/18 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 [+]