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 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 2.20 2.3 2.4 2.4 2.5 3.1 percent [+]
Inflation Rate 1.40 0.6 0.9 1.5 1.2 2.7 percent [+]
Interest Rate 0.45 0.65 0.75 0.75 0.8 1.5 percent [+]
Balance of Trade 5428.60 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 1.39 1.39 1.41 1.45 1.44 1.66 [+]
Stock Market 3209.47 3200 3170 3070 3100 2590 points [+]
Government Bond 10Y 1.99 2.12 2.14 2.16 2.18 2.52 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 2.9 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 2.20 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 45300.00 46734 45734 49641 52200 58817 [+]
Wages 5586.00 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 1.40 0.6 0.9 1.5 1.2 2.7 percent [+]
Inflation Rate Mom 0.30 0.6 0.1 0.3 0.1 0.4 percent [+]
Consumer Price Index CPI 99.60 99.6 99.9 100 101 110 Index Points [+]
Core Consumer Prices 102.10 104 104 106 106 118 Index Points [+]
Core Inflation Rate 1.60 1.6 1.6 1.7 1.7 3 percent [+]
GDP Deflator 104.54 103 103 104 105 116 Index Points [+]
Producer Prices 79.60 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 1.50 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 90.91 89.9 89.72 89.62 89.59 89.59 Index Points [+]
Cpi Transportation 98.60 101 102 103 104 117 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 39430.40 39850 40555 41249 41942 49448 SGD Million [+]
Money Supply M1 175193.80 176518 178572 180601 182597 202529 SGD Million [+]
Money Supply M2 573331.80 577787 584594 591359 598067 668196 SGD Million [+]
Money Supply M3 584997.40 589725 596917 604061 611130 684211 SGD Million [+]
Foreign Exchange Reserves 365933.10 367777 371131 374250 377331 410458 SGD Million [+]
Banks Balance Sheet 1182630.00 1180000 1190000 1200000 1210000 1410000 SGD Million [+]
Loans to Private Sector 631206.40 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 377197.40 375000 380000 385000 389229 420000 SGD Million [+]
TRADE Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Balance of Trade 5428.60 5134 6771 9438 6900 5826 Million SGD [+]
Exports 43775.50 42302 43192 44568 46130 50326 Million SGD [+]
Imports 38346.90 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 103.86 105 107 106 103 105 Index Points [+]
Capital Flows 3283.00 18000 21000 25700 26000 21000 SGD Million [+]
Tourist Arrivals 1467851.00 1383341 1288232 1692874 1503004 2210118 [+]
Gold Reserves 127.40 127 127 127 127 127 Tonnes [+]
Weapons Sales 46.00 50 50 50 42 56 USD Million [+]
Terrorism Index 0.00 0.5 0.5 0.5 0.3 0.2 [+]
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 1101.80 -166 -316 332 523 631 SGD Million [+]
Government Spending 10542.10 11017 10500 11300 11400 13700 SGD Million [+]
Government Revenues 4404.80 7600 7200 6500 8300 9500 SGD Million [+]
Fiscal Expenditure 3303.10 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 50.80 51 50.5 50 50.7 50.2 [+]
Industrial Production 5.00 3.9 -1.1 1.5 2.9 3.1 percent [+]
Industrial Production Mom -3.50 -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 138.00 180 170 190 138 180 Companies [+]
Car Registrations 11288.00 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 51.40 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 1.60 -0.5 0.3 -1.1 -0.6 -0.5 percent [+]
Retail Sales YoY 2.60 4 2.9 3.3 2.9 2.65 percent [+]
Consumer Spending 34576.60 34801 36087 35220 35100 37671 SGD Million [+]
Private Sector Credit 559893.00 565004 571859 578450 584879 646713 SGD Million [+]
Bank Lending Rate 5.28 5.12 5 4.75 4.75 3.25 percent [+]
Gasoline Prices 1.50 1.47 1.48 1.5 1.51 1.38 USD/Liter [+]
Households Debt To Gdp 61.00 60.4 60.8 60.7 58.91 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 1024.00 680 740 510 1500 560 Units [+]
Home Ownership Rate 90.90 91 91 91 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 [+]