Bank loans in Singapore decreased to SGD 680.7 billion in July 2019 from SGD 687.1 billion in the previous month. This was the smallest bank lending since April, as both lending to businesses (SGD 418.0 billion vs SGD 423.5 billion in June) and consumer loans (SGD 262.7 billion vs SGD 263.6 billion) declined. Within businesses, loans dropped for: financial institutions (SGD 101.7 billion vs SGD 104.9 billion); general commerce (SGD 65.7 billion vs SGD 68.9 billion); manufacturing (SGD 28.0 billion vs SGD 28.8 billion). Meanwhile, loans rose for both building and construction (SGD 141.6 billion vs SGD 140.6 billion) and transport, storage & communication (SGD 25.5 billion vs SGD 25.1 billion). On the other hand, loans was unchanged for agriculture, mining and quarrying (at SGD 2.9 billion); business services (at SGD 9.2 billion). Loans to Private Sector in Singapore averaged 206570.41 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 692000.00 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 710000.00 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.