Markets Actual Q2 Q3 Q4 Q1 2023
Currency 1.39 1.4 1.41 1.42 1.43 1.45
Stock Market (points) 3111.65 3036 2975 2915 2856 2743
Government Bond 10Y (%) 2.97 3.2 3.29 3.38 3.47 3.66

Overview Actual Q2 Q3 Q4 Q1 2023
GDP Growth Rate (%) 0.70 1 3 2 2 2
GDP Annual Growth Rate (%) 3.70 2.5 3 2.1 2.1 2.1
Unemployment Rate (%) 2.20 2.2 2.4 2.3 2.2 2.2
Inflation Rate (%) 5.60 5.6 5 4.6 4 1.9
Inflation Rate Mom (%) 1.00 0.2 0.4 0.4 0.4 0.5
Interest Rate (%) 0.64 0.6 0.65 0.7 0.7 1
Balance of Trade (Million SGD) 3243.10 10000 11000 7150 8900 9300
Current Account (SGD Million) 28855.00 16000 16000 24000 24000 24000
Current Account to GDP (% of GDP) 17.60 14 14 14 14 14
Government Debt to GDP (% of GDP) 131.00 142 142 142 142 142
Government Budget (% of GDP) -13.90 -2.5 -2.5 -2.5 -2.5 -1.6
Business Confidence (points) 2.00 15 12 4 4 4
Manufacturing PMI (points) 50.40 50.4 51 50.7 50.7 51
Retail Sales MoM (%) 1.20 1.8 1 1 1 -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 Q2 Q3 Q4 Q1 2023
GDP Growth Rate (%) 0.70 1 3 2 2 2
GDP Annual Growth Rate (%) 3.70 2.5 3 2.1 2.1 2.1
GDP (USD Billion) 340.00 390 390 425 425 449
GDP Constant Prices (SGD Million) 127705.40 122007 124797 129500 130387 132219
Gross National Product (SGD Million) 469088.30 422051 424109 478939 478939 488997
Gross Fixed Capital Formation (SGD Million) 30412.90 28568 30567 30801 31052 31447
GDP per capita (USD) 58056.81 59500 59500 61000 61000 61000
GDP per capita PPP (USD) 93397.05 90000 90000 90000 88184 96310
GDP From Construction (SGD Million) 3694.60 3556 3954 3655 3772 3732
GDP From Manufacturing (SGD Million) 29524.80 28066 28209 30209 30209 30844
GDP From Services (SGD Million) 17880.10 17441 17505 18097 18256 18477
GDP From Transport (SGD Million) 7200.60 6267 6338 7134 7352 7284
GDP From Utilities (SGD Million) 1549.00 1501 1534 1570 1582 1603

Labour Actual Q2 Q3 Q4 Q1 2023
Unemployment Rate (%) 2.20 2.2 2.4 2.3 2.2 2.2
Employed Persons (Thousand ) 3643.00 3800 3800 3800 3800 3800
Unemployed Persons (Thousand ) 124.10 115 115 115 115 115
Average Weekly Hours 44.00 45 45 45 45 45
Labor Force Participation Rate (%) 68.10 68 68 68 68 68
Productivity (points) 107.70 92 96 96 96 108
Labour Costs (points) 107.70 90 95 95 95 117
Wages (SGD/Month) 6641.00 6190 6200 6320 6320 6400
Population (Million) 5.70 5.82 5.82 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) 41.10 15 15 15 15 12.2

Prices Actual Q2 Q3 Q4 Q1 2023
Inflation Rate (%) 5.60 5.6 5 4.6 4 1.9
Inflation Rate Mom (%) 1.00 0.2 0.4 0.4 0.4 0.5
Consumer Price Index CPI (points) 107.61 108 108 109 111 111
Core Consumer Prices (points) 104.12 104 104 106 109 108
Core Inflation Rate (%) 3.60 1.9 1.8 1.7 1.6 1.5
Producer Prices (points) 126.80 117 114 114 132 121
Export Prices (points) 124.10 118 122 124 126 138
Import Prices (points) 123.70 116 120 124 126 131
Food Inflation (%) 4.50 1.6 1.4 1.4 1.4 1.7
CPI Housing Utilities (points) 106.16 107 107 108 109 110
CPI Transportation (points) 123.93 124 125 125 126 126
Producer Prices Change (%) 29.50 15.5 8 5.5 5.5 5.5

Money Actual Q2 Q3 Q4 Q1 2023
Interest Rate (%) 0.64 0.6 0.65 0.7 0.7 1
Interbank Rate (%) 1.56 1.53 1.58 1.63 1.63 1.63
Money Supply M2 (SGD Million) 761372.00 720000 725000 720000 720000 680000
Foreign Exchange Reserves (SGD Million) 473264.00 599520 580000 600000 600000 628000
Banks Balance Sheet (SGD Million) 3323277.30 3080000 3050000 3010000 3010000 3040000
Loans to Private Sector (SGD Million) 841611.60 721521 827947 827749 847315 845131
Deposit Interest Rate (%) 0.12 0.45 0.55 0.65 0.7 0.75
Central Bank Balance Sheet (SGD Million) 608057.80 612870 610000 620733 620733 6802217

Trade Actual Q2 Q3 Q4 Q1 2023
Balance of Trade (Million SGD) 3243.10 10000 11000 7150 8900 9300
Current Account (SGD Million) 28855.00 16000 16000 24000 24000 24000
Current Account to GDP (% of GDP) 17.60 14 14 14 14 14
Imports (Million SGD) 59454.21 43000 41000 41000 41000 41500
Exports (Million SGD) 62697.31 53000 52000 49900 49900 50800
External Debt (SGD Million) 2390923.10 2020000 2020000 2000000 2000000 2000000
Capital Flows (SGD Million) 76339.80 13000 13000 13000 13000 21500
Tourist Arrivals 418310.00 150000 160000 20000 20000 20000
Foreign Direct Investment (SGD Million) 34913.40 38000 36000 37700 37700 37700
Exports of Non-oil Domestic Exports Of (%) 3.20 5 4 3.5 3.5 4
Domestic Exports of Non Oil (nodx) (%yoy) (%) 12.40 3.8 5 5 5 7.79

Government Actual Q2 Q3 Q4 Q1 2023
Government Debt to GDP (% of GDP) 131.00 142 142 142 142 142
Government Budget (% of GDP) -13.90 -2.5 -2.5 -2.5 -2.5 -1.6
Government Spending (SGD Million) 13988.30 12000 12000 13000 13000 13500
Government Revenues (SGD Million) 4746.10 8000 6300 7500 7500 7000
Fiscal Expenditure (SGD Million) 4904.50 25000 5800 7500 7500 7500
Government Debt (SGD Million) 874110.60 780000 785000 800000 800000 820000

Taxes Actual Q2 Q3 Q4 Q1 2023
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 8 8
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 Q2 Q3 Q4 Q1 2023
Business Confidence (points) 2.00 15 12 4 4 4
Manufacturing PMI (points) 50.40 50.4 51 50.7 50.7 51
Industrial Production (%) 13.80 9 9 7 6 3
Industrial Production Mom (%) 10.90 2 2.4 2.4 2 2
Changes in Inventories (SGD Million) 1184.60 1500 2000 2000 2000 1920
Bankruptcies (Companies) 112.00 70 70 80 80 80
Car Registrations 4776.00 8000 8000 9500 9500 9500
Leading Economic Index (points) 112.30 106 110 110 110 115
Composite PMI (points) 59.40 53 50 53 53 53

Consumer Actual Q2 Q3 Q4 Q1 2023
Retail Sales MoM (%) 1.20 1.8 1 1 1 -0.5
Retail Sales YoY (%) 12.10 -5 5 5 5 3
Consumer Spending (SGD Million) 43741.30 40147 41584 41901 44660 42781
Private Sector Credit (SGD Million) 630002.50 619000 630000 638166 638166 638166
Bank Lending Rate (%) 5.25 5.37 5.43 5.53 5.63 5.68
Gasoline Prices (USD/Liter) 2.28 2.36 2.44 2.53 2.62 2.62
Households Debt To GDP (% of GDP) 60.20 59 59 59 59 59

Housing Actual Q2 Q3 Q4 Q1 2023
Housing Index (points) 174.80 168 170 1.8 1.8 180
Home Ownership Rate (%) 90.40 91.7 91.7 91.7 91.7 91.7
New Home Sales (Units) 654.00 12000 12000 1000 1000 1000


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Singapore Forecast - was last updated on Saturday, June 25, 2022.