Bank loans in Singapore inched up by 0.3 percent month-on-month to SGD 671.7 billion in October 2018 from SGD 669.5 billion in the previous month, as lending to businesses rose to SGD 405.8 billion (from SGD 403.7 billion in September) while consumer loans edged up to SGD 266 billion (from SGD 265.8 billion). Within businesses, loans went up for: construction (SGD 133.1 billion from SGD 130.5 billion in September); business services (SGD 9.7 billion from SGD 9.3 billion); manufacturing (SGD 26.5 billion from SGD 26 billion), and transport, storage & communication (SGD 24 billion from SGD 23.3 billion). Meanwhile, loans declined for: agriculture, mining and quarrying (SGD 3.3 billion from SGD 3.4 billion); general commerce (SGD 66.4 billion from SGD 67.9 billion), and financial institutions (SGD 100.8 billion from SGD 102 billion). Compared to October 2017, bank loans went up by 3.4 percent from SGD 649.6 billion. Loans to Private Sector in Singapore averaged 204577.86 SGD Million from 1980 until 2018, reaching an all time high of 673253.80 SGD Million in June of 2018 and a record low of 16439.80 SGD Million in January of 1980.
Loans to Private Sector in Singapore is expected to be 669000.00 SGD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Loans to Private Sector in Singapore to stand at 705000.00 in 12 months time. In the long-term, the Singapore Loans to Private Sector is projected to trend around 715000.00 SGD Million in 2020, according to our econometric models.