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 Q1/18 Q2/18 Q3/18 Q4/18 2020
GDP Growth Rate 2.10 -1.2 1.5 5.4 2.4 3.7 percent
Unemployment Rate 2.10 2.4 2.4 2.5 2.5 3.1 percent
Inflation Rate 0.40 1.2 1.5 1.4 1.5 2.2 percent
Interest Rate 0.83 0.8 0.9 1 1 1.5 percent
Balance of Trade 5142.80 6400 6800 6700 6650 7300 Million SGD
Government Debt to GDP 112.00 104 104 108 104 108 percent
MARKETS Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Currency 1.31
1.34 1.35 1.37 1.38 1.44
Stock Market 3486.72
points
3478 3407 3337 3269 2772
Government Bond 10Y 2.29
percent
2.39 2.53 2.68 2.83 3.53
GDP Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
GDP Growth Rate 2.10
percent
-1.2 1.5 5.4 2.4 3.7
GDP Annual Growth Rate 3.60
percent
2.5 2.3 2.2 2.3 1.8
GDP 296.98
USD Billion
314 314 314 314 329
GDP Constant Prices 107657.70
SGD Million
107583 109197 109860 111177 115328
Gross National Product 410271.90
SGD Million
421275 421275 417549 417234 427349
Gross Fixed Capital Formation 28242.70
SGD Million
25300 26520 27548 24868 25400
GDP per capita 52600.60
USD
54247 54247 52927 54247 56242
GDP per capita PPP 81443.40
USD
82077 82077 81757 82077 85504
GDP From Construction 4488.20
SGD Million
4710 4730 4535 5080 5260
GDP From Manufacturing 20059.10
SGD Million
20008 20480 20184 20128 18200
GDP From Services 20107.10
SGD Million
19400 20500 21234 20023 22500
GDP From Transport 8297.20
SGD Million
8100 8600 8390 8411 9240
GDP From Utilities 1358.60
SGD Million
1398 1410 1356 1401 1450
LABOUR Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Unemployment Rate 2.10
percent
2.4 2.4 2.5 2.5 3.1
Employed Persons 3669.50
Thousand
3929 3929 3656 3929 4151
Unemployed Persons 106.90
Thousand
119 119 99.7 119 133
Average Weekly Hours 45.50
45 45 45.62 45 44.5
Labor Force Participation Rate 68.00
percent
69 69 68.12 69 71.5
Labour Costs 117.10
Index Points
126 112 109 121 122
Productivity 117.10
Index Points
125 111 109 121 124
Job Vacancies 53100.00
52200 50500 49056 55641 58817
Wages 4795.00
SGD/Month
5800 5150 4820 5750 6200
Population 5.60
Million
5.77 5.77 5.67 5.68 5.72
Retirement Age Women 62.00
62 62 62 62 62
Retirement Age Men 62.00
62 62 62 62 62
Employment Change 12.80
Thousands Person
-1 12.4 16.95 5.1 12.2
PRICES Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Inflation Rate 0.40
percent
1.2 1.5 1.4 1.5 2.2
Inflation Rate Mom -0.10
percent
0.4 0.5 0.5 0.5 0.5
Consumer Price Index CPI 99.70
Index Points
101 101 99.8 103 110
Core Consumer Prices 102.90
Index Points
106 106 103 109 118
Core Inflation Rate 1.30
percent
1.7 1.9 1.39 3.1 3
GDP Deflator 107.74
Index Points
105 105 106 107 116
Producer Prices 80.90
Index Points
81 81 81 81 85
Export Prices 86.60
Index Points
85 85 85 85 88
Import Prices 83.90
Index Points
88.5 90 85.27 94 107
Food Inflation 1.40
percent
1.5 1.4 1.5 1.5 1.7
Producer Prices Change 0.60
percent
4.6 5.3 5.6 5.3 5.5
CPI Housing Utilities 89.40
Index Points
89.1 89 88.96 88.92 88.22
CPI Transportation 99.70
Index Points
104 106 99.33 109 117
MONEY Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Interest Rate 0.83
percent
0.8 0.9 1 1 1.5
Interbank Rate 0.88
percent
1.25 1.25 1.09 1.5 2
Money Supply M0 42339.70
SGD Million
42489 42498 42486 42473 42305
Money Supply M1 183699.30
SGD Million
183866 183735 183607 183500 182374
Money Supply M2 580066.50
SGD Million
580825 581050 581023 580881 578180
Money Supply M3 592155.30
SGD Million
593088 593473 593558 593481 590661
Foreign Exchange Reserves 369592.90
SGD Million
368105 366211 365541 365243 363567
Banks Balance Sheet 1222105.50
SGD Million
1210000 1234000 1232048 1260000 1410000
Loans to Private Sector 651931.60
SGD Million
633000 636000 660216 638000 654000
Deposit Interest Rate 0.20
percent
0.5 0.5 0.34 0.5 1
Central Bank Balance Sheet 385528.80
SGD Million
389229 394234 383423 400000 420000
TRADE Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Balance of Trade 5142.80
Million SGD
6400 6800 6700 6650 7300
Exports 42911.36
Million SGD
46130 44500 42901 47692 50326
Imports 37768.64
Million SGD
39730 37700 36692 41042 43000
Current Account 17751.50
SGD Million
22000 22800 18503 22000 24000
Current Account to GDP 19.00
percent
19.3 19.3 18.42 19.3 18
External Debt 0.00
SGD Million
0.71 1.12 1.61 2.19 9.43
Terms of Trade 103.22
Index Points
103 104 103 104 105
Capital Flows 10835.30
SGD Million
26000 20000 9406 26000 21000
Tourist Arrivals 1396328.00
1503004 1449153 1386400 1777518 2210118
Gold Reserves 127.40
Tonnes
126 124 123 123 123
Terrorism Index 0.00
0.3 0.3 0 0.3 0.2
Weapons Sales 46.00
USD Million
42 42 42.71 42 56
Foreign Direct Investment 23354.10
SGD Million
18443 24392 20320 22046 27753
GOVERNMENT Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Government Debt to GDP 112.00
percent
104 104 108 104 108
Government Budget 1.30
percent of GDP
0.2 -0.2 -0.2 -0.2 -0.4
Government Budget Value -1158.10
SGD Million
935 710 811 864 866
Government Spending 10292.30
SGD Million
11400 11400 10328 12100 13700
Government Revenues 5226.70
SGD Million
8300 8500 5418 7200 9500
Fiscal Expenditure 6384.80
SGD Million
17800 4900 4867 5300 7700
Military Expenditure 9986.30
USD Million
9859 10601 10161 10601 10812
Government Debt 496028.00
SGD Million
515450 524360 533911 540780 585603
BUSINESS Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Business Confidence 1.00
Index Points
3 3.4 3.8 3.6 7
Manufacturing PMI 53.10
52.7 52.2 51.4 51.2 50.2
Industrial Production -3.90
percent
15 14 14 15 13
Industrial Production Mom -2.00
percent
1.9 1.7 1.5 1.7 1.6
Changes in Inventories 6297.30
SGD Million
1892 2554 1626 3388 1044
Bankruptcies 108.00
Companies
126 160 143 200 180
Car Registrations 6716.00
11581 15000 10073 15000 20000
Leading Economic Index 112.60
Index Points
99.8 102 113 102 104
Internet Speed 20345.58
KBps
21536 22319 22604 22079 20657
IP Addresses 1595352.00
IP
1605400 1599289 1592822 1585315 1525248
Competitiveness Index 5.71
Points
5.7 5.7 5.7 5.73 5.78
Competitiveness Rank 3.00
3 3 3 2 1
Composite Pmi 53.60
50.8 50.8 52.5 51.1 53.1
Ease of Doing Business 2.00
2 2 2 1 1
Corruption Index 84.00
Points
86 85 85 87 89
Corruption Rank 7.00
7 7 6 6 4
CONSUMER Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Retail Sales MoM -0.20
percent
-0.6 -0.6 0.47 1.5 -0.5
Retail Sales YoY 4.60
percent
2.9 1.8 3.98 3.5 2.65
Consumer Spending 37595.30
SGD Million
35100 35100 38452 38594 38775
Private Sector Credit 573481.60
SGD Million
575984 576931 577236 577187 570686
Bank Lending Rate 5.28
percent
4.75 4.5 5.43 4.25 3.25
Households Debt To Gdp 60.70
percent of GDP
60.37 60.23 60.07 61 63
Gasoline Prices 1.68
USD/Liter
1.62 1.62 1.57 1.58 1.36
HOUSING Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Housing Index 138.70
Index Points
139 140 139 141 150
New Home Sales 431.00
Units
1500 740 848 550 560
Home Ownership Rate 90.90
percent
91.2 91.2 90.76 91.2 91.7
TAXES Actual Q1/18 Q2/18 Q3/18 Q4/18 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 17.09 17 17
Social Security Rate For Employees 20.00
percent
20 20 20 20 20
CLIMATE Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Precipitation 263.74
mm
218 178 163 265 211
Temperature 27.69
celsius
26.28 27.19 26.75 26.16 27.19