Markets Actual Q4 Q1 Q2 Q3 2020
Currency 1.37 1.38 1.38 1.39 1.39 1.41
Stock Market (points) 3055.81 3224 3193 3162 3131 3011
Government Bond 10Y (%) 2.16 2.55 2.6 2.64 2.68 2.86
Overview Actual Q4 Q1 Q2 Q3 2020
GDP Growth Rate (%) 3.00 2.4 1.1 5.5 4.7 3.7
GDP Annual Growth Rate (%) 2.20 2 2.9 2.8 2.5 2.4
Unemployment Rate (%) 2.10 2.2 2.2 2.2 2.2 2
Inflation Rate (%) 0.70 1 1.2 1.4 1.5 2.2
Inflation Rate Mom (%) -0.30 0.3 0.2 0.1 0.5 0.5
Interest Rate (%) 1.97 1.8 1.7 1.8 1.6 1
Balance of Trade (Million SGD) 3799.41 6100 5400 3200 5250 6800
Current Account (SGD Million) 23400.20 22000 23000 26700 26000 24000
Current Account to GDP (%) 19.50 19.7 19.3 19.3 19.3 18.7
Government Debt to GDP (%) 110.60 104 106 106 106 108
Government Budget (% of GDP) 0.30 -0.2 0.1 0.1 0.1 0.4
Business Confidence (Index Points) -1.00 4 6 7 8 7
Manufacturing PMI 51.50 52.2 51.4 53 52.6 50.2
Retail Sales MoM (%) -0.40 1.5 0.2 -0.3 -2.9 -0.5
Corporate Tax Rate (%) 17.00 17 17 17 17 17
Personal Income Tax Rate (%) 22.00 22 22 22 22 23
GDP Actual Q4 Q1 Q2 Q3 2020
GDP Growth Rate (%) 3.00 2.4 1.1 5.5 4.7 3.7
GDP Annual Growth Rate (%) 2.20 2 2.9 2.8 2.5 2.4
GDP (USD Billion) 323.91 334 343 343 343 350
GDP Constant Prices (SGD Million) 109376.30 109811 111443 111614 112111 115370
Gross National Product (SGD Million) 431376.50 440004 443886 443455 442161 462279
Gross Fixed Capital Formation (SGD Million) 25951.50 28808 26433 28908 26600 30266
GDP per capita (USD) 55235.51 55600 55900 55900 55900 56240
GDP per capita PPP (USD) 85535.38 86460 87000 87000 87000 90000
GDP From Construction (SGD Million) 4385.30 4578 4634 4453 4495 4810
GDP From Manufacturing (SGD Million) 21607.50 20460 21891 22047 22148 21496
GDP From Services (SGD Million) 19863.70 20509 20009 20235 20360 21548
GDP From Transport (SGD Million) 8328.10 8463 8446 8379 8536 8892
GDP From Utilities (SGD Million) 1341.30 1386 1382 1396 1375 1456
Labour Actual Q4 Q1 Q2 Q3 2020
Unemployment Rate (%) 2.10 2.2 2.2 2.2 2.2 2
Employed Persons (Thousand ) 3669.50 3700 3750 3750 3750 3800
Unemployed Persons (Thousand ) 106.90 109 111 111 111 113
Average Weekly Hours 45.00 45 44.8 44.8 44.8 44.8
Labor Force Participation Rate (%) 67.70 69 71 71 71 71.5
Labour Costs (Index Points) 108.30 119 122 108 110 122
Productivity (Index Points) 108.30 119 122 108 110 122
Job Vacancies 63300.00 55640 54400 54290 55900 58810
Wages (SGD/Month) 4962.00 5750 5850 5400 5150 6200
Population (Million) 5.61 5.64 5.66 5.66 5.66 5.72
Retirement Age Women 62.00 62 62 62 62 62
Retirement Age Men 62.00 62 62 62 62 62
Employment Change (Thousands Person) 19.30 3.3 7.9 8.5 -1.5 12.2
Prices Actual Q4 Q1 Q2 Q3 2020
Inflation Rate (%) 0.70 1 1.2 1.4 1.5 2.2
Inflation Rate Mom (%) -0.30 0.3 0.2 0.1 0.5 0.5
Consumer Price Index CPI (Index Points) 99.90 101 101 101 102 105
Core Consumer Prices (Index Points) 105.20 105 105 105 107 109
Core Inflation Rate (%) 1.90 1.9 1.2 1.5 1.8 2.2
GDP Deflator (Index Points) 106.03 107 107 106 109 112
Producer Prices (Index Points) 89.40 91.47 86.78 91.34 92.03 109
Export Prices (Index Points) 92.40 91 91.3 89.2 89.2 88
Import Prices (Index Points) 90.80 90.3 91.4 91.2 88.9 107
Food Inflation (%) 1.40 1.5 1.4 1.2 1.3 1.7
Producer Prices Change (%) 12.40 13.8 10.4 8.9 7 11.5
CPI Housing Utilities (Index Points) 88.20 90.29 90.36 90.35 91.15 93.94
CPI Transportation (Index Points) 98.00 101 99.48 99.68 99.47 105
Money Actual Q4 Q1 Q2 Q3 2020
Interest Rate (%) 1.97 1.8 1.7 1.8 1.6 1
Money Supply M0 (SGD Million) 44635.10 44298 44873 45192 45640 47644
Money Supply M1 (SGD Million) 185891.80 193800 196050 196290 196800 217000
Interbank Rate (%) 1.77 2.11 2.01 2.11 1.91 1.31
Money Supply M2 (SGD Million) 599010.50 598800 607000 611000 612500 625000
Money Supply M3 (SGD Million) 611560.40 609100 613100 616000 620500 623500
Foreign Exchange Reserves (SGD Million) 397209.60 394500 398000 398600 399000 410000
Banks Balance Sheet (SGD Million) 1268857.90 1310000 1321500 1322900 1329000 1410000
Loans to Private Sector (SGD Million) 671741.30 669000 692000 699000 705000 715000
Deposit Interest Rate (%) 0.14 0.49 0.39 0.49 0.29 -0.31
Central Bank Balance Sheet (SGD Million) 413858.90 415000 417000 419500 421000 429000
Trade Actual Q4 Q1 Q2 Q3 2020
Balance of Trade (Million SGD) 3799.41 6100 5400 3200 5250 6800
Current Account (SGD Million) 23400.20 22000 23000 26700 26000 24000
Current Account to GDP (%) 19.50 19.7 19.3 19.3 19.3 18.7
Imports (Million SGD) 43305.84 41000 44900 45000 43200 43000
Exports (Million SGD) 47105.25 47600 47750 48200 48450 50300
External Debt (SGD Million) 2029398.90 1994000 2155000 2290000 2422000 2735000
Terms of Trade (Index Points) 101.78 101 101 99.52 102 82.24
Capital Flows (SGD Million) 16532.50 18000 19020 19300 19500 21500
Tourist Arrivals 1415126.00 1480000 1472000 1460000 1490000 1560000
Weapons Sales (USD Million) 47.00 49 52 52 52 56
Foreign Direct Investment (SGD Million) 32853.80 22050 23000 23600 24500 27700
Government Actual Q4 Q1 Q2 Q3 2020
Government Debt to GDP (%) 110.60 104 106 106 106 108
Government Budget (% of GDP) 0.30 -0.2 0.1 0.1 0.1 0.4
Government Budget Value (SGD Million) 1826.60 1900 1630 1620 1485 1800
Government Spending (SGD Million) 10674.70 10498 11329 10991 10942 11030
Government Revenues (SGD Million) 6236.40 7200 7530 7570 7585 9500
Fiscal Expenditure (SGD Million) 4409.80 5300 5900 5950 6100 7700
Military Expenditure (USD Million) 10122.00 10600 10360 10400 10440 10570
Government Debt (SGD Million) 535829.00 540000 555000 564000 572000 636000
Taxes Actual Q4 Q1 Q2 Q3 2020
Corporate Tax Rate (%) 17.00 17 17 17 17 17
Personal Income Tax Rate (%) 22.00 22 22 22 22 23
Sales Tax Rate (%) 7.00 7 7 7 7 7
Social Security Rate For Companies (%) 17.00 17 17 17 17 17
Social Security Rate For Employees (%) 20.00 20 20 20 20 20
Business Actual Q4 Q1 Q2 Q3 2020
Business Confidence (Index Points) -1.00 4 6 7 8 7
Manufacturing PMI 51.50 52.2 51.4 53 52.6 50.2
Industrial Production (%) 4.30 3.7 4.5 6.8 7.6 13
Industrial Production Mom (%) 2.00 0.8 1.1 0.7 1 1.6
Changes in Inventories (SGD Million) 4488.80 3570 2020 2450 1730 1920
Bankruptcies (Companies) 137.00 200 168 142 137 180
Car Registrations 9923.00 15000 12000 12200 10400 15000
Leading Economic Index (Index Points) 112.00 110 111 110 110 104
Composite Pmi 53.80 52 53.1 53 52.8 53.1
Consumer Actual Q4 Q1 Q2 Q3 2020
Retail Sales MoM (%) -0.40 1.5 0.2 -0.3 -2.9 -0.5
Retail Sales YoY (%) 0.10 3.5 -1.7 1.6 0.3 3
Consumer Spending (SGD Million) 38374.40 38347 37269 38475 39334 40288
Private Sector Credit (SGD Million) 597746.40 590000 601000 603500 607000 634000
Bank Lending Rate (%) 5.33 5.68 5.58 5.68 5.48 4.88
Households Debt To GDP (% of GDP) 58.40 58.2 58.9 59.5 59.4 60
Gasoline Prices (USD/Liter) 1.60 1.65 1.62 1.59 1.56 1.45
Housing Actual Q4 Q1 Q2 Q3 2020
Housing Index (Index Points) 149.70 152 153 154 154 156
New Home Sales (Units) 616.00 550 596 530 587 560
Home Ownership Rate (%) 90.70 91.2 91.5 91.5 91.5 91.7


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.