Markets Actual Q3 Q4 Q1 Q2 2022
Currency 1.35 1.35 1.36 1.36 1.37 1.37
Stock Market (points) 3065.26 3001 2938 2876 2816 2699
Government Bond 10Y (%) 1.44 1.48 1.53 1.58 1.63 1.73

Overview Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) -1.80 5 3 3 1 2
GDP Annual Growth Rate (%) 14.70 5.5 4.5 3.5 2.5 2.1
Unemployment Rate (%) 2.70 2.8 2.4 2.6 2.5 2.5
Inflation Rate (%) 2.50 2 1.8 1.1 1.5 1.5
Inflation Rate Mom (%) -0.20 0.3 0.3 0.2 0.2 0.5
Interest Rate (%) 0.27 0.4 0.4 0.5 0.6 0.7
Balance of Trade (Million SGD) 6253.02 7500 8400 9500 10000 3400
Current Account (SGD Million) 25642.00 19000 17500 16000 16000 24000
Current Account to GDP (% of GDP) 17.60 14.5 14.5 14 14 14
Government Debt to GDP (% of GDP) 131.00 140 140 142 142 142
Government Budget (% of GDP) -13.90 -2.5 -2.5 -2.5 -2.5 -2.5
Business Confidence (points) 20.00 18 10 8 15 4
Manufacturing PMI (points) 50.90 52 50.4 50 52 50.7
Retail Sales MoM (%) 0.80 1.3 1.3 2 2 -0.5
Corporate Tax Rate (%) 17.00 17 17 17 17 17
Personal Income Tax Rate (%) 22.00 22 22 22 22 22

GDP Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) -1.80 5 3 3 1 2
GDP Annual Growth Rate (%) 14.70 5.5 4.5 3.5 2.5 2.1
GDP (USD Billion) 340.00 390 390 390 390 425
GDP Constant Prices (SGD Million) 119031.00 119373 122684 125316 122007 125260
Gross National Product (SGD Million) 411756.60 486065 479439 426168 422051 439322
Gross Fixed Capital Formation (SGD Million) 27871.50 24921 31679 28916 28568 29272
GDP per capita (USD) 56349.03 59500 59500 59500 59500 61000
GDP per capita PPP (USD) 93397.05 90000 90000 90000 88184 96310
GDP From Construction (SGD Million) 3469.20 2439 4472 3911 3556 3839
GDP From Manufacturing (SGD Million) 27381.00 26954 22574 28891 28066 26877
GDP From Services (SGD Million) 17015.60 16976 21299 17526 17441 17932
GDP From Transport (SGD Million) 6114.30 6003 8833 6436 6267 6276
GDP From Utilities (SGD Million) 1464.50 1501 1435 1529 1501 1569

Labour Actual Q3 Q4 Q1 Q2 2022
Unemployment Rate (%) 2.70 2.8 2.4 2.6 2.5 2.5
Employed Persons (Thousand ) 3597.70 3700 3700 3800 3800 3800
Unemployed Persons (Thousand ) 139.90 125 125 125 125 125
Average Weekly Hours 44.00 45 45 45 45 45
Labor Force Participation Rate (%) 68.10 68 68 68 68 68
Productivity (points) 94.20 95 108 108 108 108
Labour Costs (points) 94.20 102 107 106 90 117
Wages (SGD/Month) 5474.00 5400 6100 6290 6290 6320
Population (Million) 5.70 5.78 5.78 5.82 5.82 5.82
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 10 10 20 20 12.2

Prices Actual Q3 Q4 Q1 Q2 2022
Inflation Rate (%) 2.50 2 1.8 1.1 1.5 1.5
Inflation Rate Mom (%) -0.20 0.3 0.3 0.2 0.2 0.5
Consumer Price Index CPI (points) 101.70 102 102 102 103 104
Core Consumer Prices (points) 100.50 101 102 102 103 103
Core Inflation Rate (%) 1.00 1.2 1.4 1.3 1.1 1.5
Producer Prices (points) 100.43 98.55 96.6 97.94 104 99.02
Export Prices (points) 104.10 92 95 94 94 90
Import Prices (points) 103.80 107 107 107 107 107
Food Inflation (%) 1.10 2 2 1.6 1.6 1.7
Producer Prices Change (%) 17.00 11.5 9.5 3.5 2.5 2.5
CPI Housing Utilities (points) 100.20 102 102 102 103 104
CPI Transportation (points) 107.40 102 104 106 109 105

Money Actual Q3 Q4 Q1 Q2 2022
Interest Rate (%) 0.27 0.4 0.4 0.5 0.6 0.7
Interbank Rate (%) 0.43 0.55 0.55 0.65 0.75 0.75
Money Supply M2 (SGD Million) 712381.10 720000 710000 710000 660000 625000
Foreign Exchange Reserves (SGD Million) 562439.70 558412 583966 609520 609520 686181
Banks Balance Sheet (SGD Million) 3015752.70 1498731 1469324 1450000 1450000 1400000
Loans to Private Sector (SGD Million) 788490.00 714722 709266 715420 721521 724161
Deposit Interest Rate (%) 0.12 0.17 0.27 0.27 0.37 0.47
Central Bank Balance Sheet (SGD Million) 550642.80 571627 597248 622870 622870 699733

Trade Actual Q3 Q4 Q1 Q2 2022
Balance of Trade (Million SGD) 6253.02 7500 8400 9500 10000 3400
Current Account (SGD Million) 25642.00 19000 17500 16000 16000 24000
Current Account to GDP (% of GDP) 17.60 14.5 14.5 14 14 14
Imports (Million SGD) 44679.66 42500 41500 41500 43000 41500
Exports (Million SGD) 50932.68 50000 49900 51000 53000 44900
External Debt (SGD Million) 2237428.00 2235000 2220000 2220000 2220000 2220000
Capital Flows (SGD Million) 5086.10 14000 14000 13000 13000 21500
Tourist Arrivals 18513.00 30000 40000 100000 150000 20000
Foreign Direct Investment (SGD Million) 36212.10 27700 27700 27700 27700 27700

Government Actual Q3 Q4 Q1 Q2 2022
Government Debt to GDP (% of GDP) 131.00 140 140 142 142 142
Government Budget (% of GDP) -13.90 -2.5 -2.5 -2.5 -2.5 -2.5
Government Spending (SGD Million) 14540.10 11777 11299 11299 11299 11299
Government Revenues (SGD Million) 7902.60 6200 5500 5500 5500 5500
Fiscal Expenditure (SGD Million) 8517.50 6300 7500 7500 7500 7500
Military Expenditure (USD Million) 11020.00 10570 10570 10570 10570 10570
Government Debt (SGD Million) 744302.00 705000 706000 706000 706000 710000

Taxes Actual Q3 Q4 Q1 Q2 2022
Corporate Tax Rate (%) 17.00 17 17 17 17 17
Personal Income Tax Rate (%) 22.00 22 22 22 22 22
Sales Tax Rate (%) 7.00 7 7 7 7 7
Social Security Rate (%) 37.00 37 37 37 37 37
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 Q3 Q4 Q1 Q2 2022
Business Confidence (points) 20.00 18 10 8 15 4
Manufacturing PMI (points) 50.90 52 50.4 50 52 50.7
Industrial Production (%) 16.30 1 -2 -2 5 6
Industrial Production Mom (%) -2.60 0.8 1.6 1.6 1.6 1.6
Changes in Inventories (SGD Million) 834.50 1900 800 1000 500 1920
Bankruptcies (Companies) 119.00 90 120 150 100 80
Car Registrations 5395.00 8000 8500 10000 10000 11500
Leading Economic Index (points) 111.90 108 110 106 106 115
Composite PMI (points) 52.10 52 53 55 53 53

Consumer Actual Q3 Q4 Q1 Q2 2022
Retail Sales MoM (%) 0.80 1.3 1.3 2 2 -0.5
Retail Sales YoY (%) 0.20 12 12 2 2 3
Consumer Spending (SGD Million) 39167.60 41310 40709 41810 40147 42404
Private Sector Credit (SGD Million) 593132.30 632177 631931 629000 629000 648166
Bank Lending Rate (%) 5.25 5.3 5.37 5.4 5.5 5.6
Households Debt To GDP (% of GDP) 55.40 59 59 59 59 59
Gasoline Prices (USD/Liter) 1.84 1.75 1.66 1.58 1.5 1.42

Housing Actual Q3 Q4 Q1 Q2 2022
Housing Index (points) 163.50 163 166 168 168 170
Home Ownership Rate (%) 90.40 91.7 91.7 91.7 91.7 91.7
New Home Sales (Units) 1262.00 800 600 900 12000 1000


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.