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 Q4/17 Q1/18 Q2/18 Q3/18 2020
GDP Growth Rate 6.30 3.9 -1.2 1.5 6.4 3.7 percent [+]
Unemployment Rate 2.20 2.3 2.4 2.4 2.4 3.1 percent [+]
Inflation Rate 0.40 1 1.2 1.5 1.4 2.2 percent [+]
Interest Rate 0.60 0.75 0.8 0.9 1 1.5 percent [+]
Balance of Trade 5090.13 6000 6400 6800 6700 7300 Million SGD [+]
Government Debt to GDP 112.00 105 104 104 108 108 percent [+]
MARKETS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Currency 1.36 1.36 1.34 1.33 1.32 1.16 [+]
Stock Market 3343.42 3260 3230 3190 3160 2800 points [+]
Government Bond 10Y 2.08 2.14 2.16 2.18 2.2 2.44 percent [+]
GDP Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
GDP Growth Rate 6.30 3.9 -1.2 1.5 6.4 3.7 percent [+]
GDP Annual Growth Rate 4.60 2.8 2.5 2.3 2.2 1.8 percent [+]
GDP 296.97 304 314 314 314 329 USD Billion [+]
GDP Constant Prices 102755.90 108890 107583 109197 104174 115328 SGD Million [+]
Gross National Product 410271.90 417234 421275 421275 423894 427349 SGD Million [+]
Gross Fixed Capital Formation 23947.20 24607 25300 26520 23668 25400 SGD Million [+]
GDP per capita 52600.60 53100 54247 54247 53029 56242 USD [+]
GDP per capita PPP 81443.40 81357 82077 82077 81734 85504 USD [+]
GDP From Construction 4563.50 4473 4710 4730 4297 5260 SGD Million [+]
GDP From Manufacturing 19273.60 17632 19464 19524 19458 18200 SGD Million [+]
GDP From Services 18737.20 19527 19400 20500 18881 22500 SGD Million [+]
GDP From Transport 8044.70 8291 8100 8600 8060 9240 SGD Million [+]
GDP From Utilities 1351.10 1357 1398 1410 1353 1450 SGD Million [+]
LABOUR Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Unemployment Rate 2.20 2.3 2.4 2.4 2.4 3.1 percent [+]
Employed Persons 3672.60 3820 3929 3929 3676 4151 Thousand [+]
Unemployed Persons 102.80 111 119 119 93.57 133 Thousand [+]
Average Weekly Hours 45.50 45.2 45 45 45.77 44.5 [+]
Labor Force Participation Rate 68.00 68.7 69 69 68.26 71.5 percent [+]
Labour Costs 109.40 120 126 112 108 122 Index Points [+]
Productivity 109.40 120 125 111 108 124 Index Points [+]
Job Vacancies 50000.00 49641 52200 50500 47340 58817 [+]
Wages 4939.00 5500 5800 5150 4820 6200 SGD/Month [+]
Wages in Manufacturing 4220.00 5600 5660 5200 4920 6100 SGD/Month [+]
Population 5.60 5.64 5.77 5.77 5.67 5.72 Million [+]
Retirement Age Women 62.00 62 62 62 62 62 [+]
Retirement Age Men 62.00 62 62 62 62 62 [+]
Employment Change -7.80 6.7 -1 12.4 11.54 12.2 Thousands Person [+]
PRICES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Inflation Rate 0.40 1 1.2 1.5 1.4 2.2 percent [+]
Inflation Rate Mom 0.30 0.3 0.4 0.5 0.5 0.5 percent [+]
Consumer Price Index CPI 99.55 100 101 101 99.44 110 Index Points [+]
Core Consumer Prices 102.30 106 106 106 102 118 Index Points [+]
Core Inflation Rate 1.40 1.7 1.7 1.9 1.5 3 percent [+]
GDP Deflator 101.92 104 105 105 102 116 Index Points [+]
Producer Prices 77.30 80 81 81 81 85 Index Points [+]
Export Prices 84.40 84 85 85 85 88 Index Points [+]
Import Prices 81.10 87 88.5 90 83.88 107 Index Points [+]
Food Inflation 1.20 1.4 1.5 1.4 1.5 1.7 percent [+]
Producer Prices Change 5.75 6 4.6 5.3 5.6 5.5 percent [+]
CPI Housing Utilities 90.40 89.62 89.54 89.51 89.48 89 Index Points [+]
CPI Transportation 98.40 103 104 106 98.15 117 Index Points [+]
MONEY Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Interest Rate 0.60 0.75 0.8 0.9 1 1.5 percent [+]
Interbank Rate 0.88 1.25 1.25 1.25 1.21 2 percent [+]
Money Supply M0 40816.10 40950 40948 40935 40922 40798 SGD Million [+]
Money Supply M1 179903.90 181330 181547 181569 181517 180702 SGD Million [+]
Money Supply M2 577435.40 579471 579932 579993 579885 577881 SGD Million [+]
Money Supply M3 589409.70 592114 592961 593262 593290 591305 SGD Million [+]
Foreign Exchange Reserves 373995.60 376517 377322 377516 377495 376365 SGD Million [+]
Banks Balance Sheet 1209621.40 1200000 1210000 1234000 1222786 1410000 SGD Million [+]
Loans to Private Sector 634400.00 627000 633000 636000 632892 654000 SGD Million [+]
Deposit Interest Rate 0.20 0.3 0.5 0.5 0.47 1 percent [+]
Central Bank Balance Sheet 385574.60 385000 389229 394234 385548 420000 SGD Million [+]
TRADE Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Balance of Trade 5090.13 6000 6400 6800 6700 7300 Million SGD [+]
Exports 40754.53 44568 46130 44500 40694 50326 Million SGD [+]
Imports 35664.40 38568 39730 37700 36692 43000 Million SGD [+]
Current Account 21049.50 20000 22000 22800 19551 24000 SGD Million [+]
Current Account to GDP 19.00 20.5 19.3 19.3 18.38 18 percent [+]
External Debt 0.00 0.4 0.71 1.12 1.62 9.45 SGD Million [+]
Terms of Trade 104.07 106 103 104 104 105 Index Points [+]
Capital Flows 16744.30 25700 26000 20000 10786 21000 SGD Million [+]
Tourist Arrivals 1631950.00 1692874 1503004 1449153 1486800 2210118 [+]
Gold Reserves 127.40 124 123 123 123 123 Tonnes [+]
Terrorism Index 0.00 0.5 0.3 0.3 0 0.2 [+]
Weapons Sales 46.00 50 42 42 47.89 56 USD Million [+]
Foreign Direct Investment 18806.80 25703 18443 24392 19079 27753 SGD Million [+]
GOVERNMENT Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Government Debt to GDP 112.00 105 104 104 108 108 percent [+]
Government Budget 1.30 0.4 0.8 0.8 2.98 0.9 percent of GDP [+]
Government Budget Value 3537.00 652 1023 859 896 887 SGD Million [+]
Government Spending 10778.20 11300 11400 11400 10627 13700 SGD Million [+]
Government Revenues 8951.40 6500 8300 8500 5575 9500 SGD Million [+]
Fiscal Expenditure 5414.30 6900 17800 4900 4836 7700 SGD Million [+]
Military Expenditure 9986.30 10201 10367 10601 10476 10812 USD Million [+]
Government Debt 483356.20 504645 510927 518022 526197 568060 SGD Million [+]
BUSINESS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Business Confidence 4.00 4 3 3.4 3.8 7 [+]
Manufacturing PMI 52.00 53 52.7 52.2 51.4 50.2 [+]
Industrial Production 19.10 17 15 14 14 13 percent [+]
Industrial Production Mom 0.60 1.3 1.9 1.7 1.5 1.6 percent [+]
Changes in Inventories 5166.70 2161 722 2755 411 889 SGD Million [+]
Bankruptcies 169.00 190 158 160 166 180 Companies [+]
Car Registrations 11236.00 13105 11581 15000 10665 20000 Cars [+]
Leading Economic Index 108.30 102 99.8 102 107 104 Index Points [+]
Competitiveness Index 5.71 5.7 5.7 5.7 5.7 5.78 Points [+]
Competitiveness Rank 3.00 2 3 3 3 1 [+]
Composite Pmi 53.70 50.5 50.8 50.8 52.45 53.1 [+]
Ease of Doing Business 2.00 1 1 1 1 1 [+]
Corruption Index 84.00 86 85 85 86 89 Points [+]
Corruption Rank 7.00 7 6 6 6 4 [+]
CONSUMER Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Retail Sales MoM -0.30 -1.1 -0.6 -0.6 0.46 -0.5 percent [+]
Retail Sales YoY 3.50 3.3 2.9 1.8 3.51 2.65 percent [+]
Consumer Spending 34467.90 34488 35100 35100 34439 34260 SGD Million [+]
Private Sector Credit 563688.10 566467 567517 567954 567996 563345 SGD Million [+]
Bank Lending Rate 5.28 4.75 4.75 4.5 5.51 3.25 percent [+]
Households Debt To Gdp 60.50 60.7 59.07 58.75 58.45 63 percent of GDP [+]
Gasoline Prices 1.58 1.51 1.4 1.37 1.37 1.36 USD/Liter [+]
HOUSING Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Housing Index 137.30 138 139 140 137 150 Index Points [+]
New Home Sales 1108.00 510 1500 740 895 560 Units [+]
Home Ownership Rate 90.90 91 91.2 91.2 90.46 91.7 percent [+]
TAXES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Corporate Tax Rate 17.00 17 17 17 17 17 percent [+]
Personal Income Tax Rate 22.00 22 22 22 22.11 22 percent [+]
Sales Tax Rate 7.00 7 7 7 7 7 percent [+]
Social Security Rate 37.00 37 37 37 36.84 37 percent [+]
Social Security Rate For Companies 17.00 17 17 17 16.84 17 percent [+]
Social Security Rate For Employees 20.00 20 20 20 20 20 percent [+]