Singapore - Economic Forecasts - 2018-2020 Outlook

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.


Overview Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
GDP Growth Rate 0.60 2 2.4 1.1 5.4 3.7 percent
Unemployment Rate 2.10 2.1 2.2 2.2 2.2 2.5 percent
Inflation Rate 0.60 0.7 1 1.2 1.4 2.2 percent
Interest Rate 1.06 1.7 1.8 1.7 1.8 1 percent
Balance of Trade 6755.10 5200 6600 2850 3200 7300 Million SGD
Government Debt to GDP 110.60 104 104 106 106 108 percent
MARKETS Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Currency 1.37
1.37 1.38 1.38 1.39 1.41
Stock Market 3183.10
points
3210 3179 3149 3118 3000
Government Bond 10Y 2.52
percent
2.41 2.46 2.5 2.54 2.72
GDP Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
GDP Growth Rate 0.60
percent
2 2.4 1.1 5.4 3.7
GDP Annual Growth Rate 3.90
percent
3.6 3.4 3.2 2.9 2.4
GDP 323.91
USD Billion
334 334 343 343 350
GDP Constant Prices 108395.10
SGD Million
109014 111318 111580 111539 116953
Gross National Product 431376.50
SGD Million
413142 446043 445181 443886 468624
Gross Fixed Capital Formation 28187.50
SGD Million
26606 29203 26975 29005 30681
GDP per capita 55235.51
USD
55600 55600 55900 55900 56240
GDP per capita PPP 85535.38
USD
86460 86460 87000 87000 90000
GDP From Construction 4312.90
SGD Million
4417 4641 4651 4438 4876
GDP From Manufacturing 21356.60
SGD Million
21190 20741 21760 21976 21791
GDP From Services 19683.70
SGD Million
19277 20791 20143 20255 21843
GDP From Transport 8151.60
SGD Million
8279 8579 8477 8388 9014
GDP From Utilities 1359.50
SGD Million
1386 1405 1388 1399 1476
LABOUR Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Unemployment Rate 2.10
percent
2.1 2.2 2.2 2.2 2.5
Employed Persons 3669.50
Thousand
3700 3700 3750 3750 3800
Unemployed Persons 106.90
Thousand
109 109 111 111 113
Average Weekly Hours 45.00
45 45 44.8 44.8 44.8
Labor Force Participation Rate 67.70
percent
69 69 71 71 71.5
Labour Costs 107.90
Index Points
108 119 122 108 122
Productivity 107.90
Index Points
108 119 122 108 122
Job Vacancies 58300.00
55200 55640 54400 54290 58810
Wages 5119.00
SGD/Month
4820 5750 5850 5400 6200
Population 5.61
Million
5.64 5.64 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 7.00
Thousands Person
-4.5 3.3 7.9 8.5 12.2
PRICES Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Inflation Rate 0.60
percent
0.7 1 1.2 1.4 2.2
Inflation Rate Mom -0.10
percent
0.3 0.3 0.2 0.1 0.5
Consumer Price Index CPI 99.90
Index Points
100 101 101 101 105
Core Consumer Prices 104.90
Index Points
104 105 105 105 109
Core Inflation Rate 1.90
percent
1.7 1.9 1.2 1.5 2.2
GDP Deflator 105.44
Index Points
106 107 107 106 112
Producer Prices 87.10
Index Points
90.19 92.17 91.29 96.98 115
Export Prices 90.40
Index Points
90.2 91 91.3 89.2 88
Import Prices 88.80
Index Points
88.8 90.3 91.4 91.2 107
Food Inflation 1.50
percent
1.4 1.5 1.4 1.2 1.7
Producer Prices Change 13.70
percent
14.6 13.8 13.4 12.9 11.5
CPI Housing Utilities 88.40
Index Points
90.83 90.29 90.36 90.35 93.94
CPI Transportation 97.80
Index Points
98.79 101 99.48 99.68 105
MONEY Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Interest Rate 1.06
percent
1.7 1.8 1.7 1.8 1
Interbank Rate 1.64
percent
2.28 2.38 2.28 2.38 1.58
Money Supply M0 44322.30
SGD Million
44000 44298 44873 45192 47644
Money Supply M1 185574.80
SGD Million
191500 193800 196050 196290 217000
Money Supply M2 591497.90
SGD Million
596000 598800 607000 611000 625000
Money Supply M3 604082.50
SGD Million
604000 609100 613100 616000 623500
Foreign Exchange Reserves 396596.90
SGD Million
393000 394500 398000 398600 410000
Banks Balance Sheet 1263636.10
SGD Million
1300000 1310000 1321500 1322900 1410000
Loans to Private Sector 667527.90
SGD Million
671000 669000 692000 699000 715000
Deposit Interest Rate 0.14
percent
0.78 0.88 0.78 0.88 0.08
Central Bank Balance Sheet 406045.10
SGD Million
410000 415000 417000 419500 429000
TRADE Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Balance of Trade 6755.10
Million SGD
5200 6600 2850 3200 7300
Exports 49568.50
Million SGD
47800 47600 47750 48200 50300
Imports 42813.40
Million SGD
42600 41000 44900 45000 43000
Current Account 22832.40
SGD Million
21700 22000 23000 26700 24000
Current Account to GDP 19.50
percent
19.7 19.7 19.3 19.3 18.7
External Debt 1967083.10
SGD Million
1967000 1994000 2155000 2290000 2735000
Terms of Trade 101.88
Index Points
102 101 99.89 97.81 82.24
Capital Flows 14096.30
SGD Million
15000 18000 19020 19300 21500
Tourist Arrivals 1730428.00
1500000 1480000 1472000 1460000 1560000
Gold Reserves 127.40
Tonnes
127 127 127 127 127
Terrorism Index 0.00
0 0 0 0 0
Weapons Sales 47.00
USD Million
49 49 52 52 56
Foreign Direct Investment 20265.30
SGD Million
22200 22050 23000 23600 27700
GOVERNMENT Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Government Debt to GDP 110.60
percent
104 104 106 106 108
Government Budget 0.30
percent of GDP
-0.2 -0.2 0.1 0.1 0.4
Government Budget Value 2069.10
SGD Million
1270 1900 1630 1620 1800
Government Spending 10663.00
SGD Million
10572 10642 11492 10972 11181
Government Revenues 7209.50
SGD Million
7320 7200 7530 7570 9500
Fiscal Expenditure 5140.40
SGD Million
6050 5300 5900 5950 7700
Military Expenditure 10122.00
USD Million
10300 10600 10360 10400 10570
Government Debt 527981.20
SGD Million
525000 540000 555000 564000 636000
BUSINESS Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Business Confidence 7.00
Index Points
5 4 6 7 7
Manufacturing PMI 52.60
52.4 52.2 51.4 53 50.2
Industrial Production 6.00
percent
13.2 15 7 6.8 13
Industrial Production Mom -1.70
percent
0.4 0.8 1.1 0.7 1.6
Changes in Inventories 3040.50
SGD Million
1900 3570 2020 2450 1920
Bankruptcies 130.00
Companies
137 200 168 142 180
Car Registrations 8533.00
9200 15000 12000 12200 15000
Leading Economic Index 112.10
Index Points
112 110 111 110 104
Internet Speed 20345.58
KBps
22000 22500 24100 26050 28790
IP Addresses 1595352.00
IP
1605000 1608000 1613000 1617000 1652000
Competitiveness Index 5.71
Points
5.73 5.73 5.75 5.75 5.78
Competitiveness Rank 3.00
2 2 1 1 2
Composite Pmi 51.10
52.7 52 53.1 53 53.1
Ease of Doing Business 2.00
2 2 2 2 2
Corruption Index 84.00
Points
87 87 88 88 89
Corruption Rank 6.00
6 6 5 5 4
CONSUMER Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Retail Sales MoM -2.90
percent
0.2 1.5 0.2 -0.3 -0.5
Retail Sales YoY -2.60
percent
1.9 3.5 -1.7 1.6 3
Consumer Spending 37426.60
SGD Million
37773 38874 37377 38512 40841
Private Sector Credit 588779.50
SGD Million
587000 590000 601000 603500 634000
Bank Lending Rate 5.33
percent
5.97 6.07 5.97 6.07 5.27
Households Debt To Gdp 58.70
percent of GDP
58.4 58.2 58.9 59.5 60
Gasoline Prices 1.67
USD/Liter
1.66 1.57 1.48 1.4 1.11
HOUSING Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Housing Index 149.00
Index Points
150 152 153 154 156
New Home Sales 616.00
Units
647 550 596 530 560
Home Ownership Rate 90.70
percent
91.2 91.2 91.5 91.5 91.7
TAXES Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Corporate Tax Rate 17.00
percent
17 17 17 17 17
Personal Income Tax Rate 22.00
percent
22 22 22 22 23
Sales Tax Rate 7.00
percent
7 7 7 7 7
Social Security Rate 37.00
percent
37 37 37 37 37
Social Security Rate For Companies 17.00
percent
17 17 17 17 17
Social Security Rate For Employees 20.00
percent
20 20 20 20 20
CLIMATE Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Precipitation 263.74
mm
163 265 218 212 211
Temperature 27.69
celsius
26.75 26.16 26.33 27.85 27.19