Markets Actual Q2 Q3 Q4 Q1 2021
Currency 1.43 1.43 1.43 1.44 1.44 1.45
Stock Market (points) 2539.44 2483 2444 2405 2366 2290
Government Bond 10Y (%) 1.10 1.13 1.15 1.17 1.19 1.23

Overview Actual Q2 Q3 Q4 Q1 2021
GDP Growth Rate (%) -10.60 -4 -2.5 1.7 5 3
GDP Annual Growth Rate (%) -2.20 -6.9 -3 1 3.5 1.5
Unemployment Rate (%) 2.30 2.4 2.5 2.4 2.4 2.6
Inflation Rate (%) 0.30 1 1.2 1.5 1.5 2
Inflation Rate Mom (%) 0.10 0.5 0.5 0.5 0.5 0.5
Interest Rate (%) 1.26 1.3 1.4 1.4 1.4 1.5
Balance of Trade (Million SGD) 1095.47 1800 3400 3300 3300 3400
Current Account (SGD Million) 19600.60 22500 23000 18000 18000 16800
Current Account to GDP (%) 17.70 17 17 17 16.5 16.5
Government Debt to GDP (%) 112.20 120 120 120 118 118
Government Budget (% of GDP) -0.30 -12 -12 -12 -8.7 -8.7
Business Confidence (points) -12.00 -42 -22 -16 -12 -10
Manufacturing PMI (points) 45.40 44.1 47.7 50.5 51 50.4
Retail Sales MoM (%) -8.90 1.5 2.2 -0.5 -0.5 -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 2021
GDP Growth Rate (%) -10.60 -4 -2.5 1.7 5 3
GDP Annual Growth Rate (%) -2.20 -6.9 -3 1 3.5 1.5
GDP (USD Billion) 382.00 370 370 370 390 390
GDP Constant Prices (SGD Million) 119230.40 115674 117861 120423 123403 122229
Gross National Product (SGD Million) 460724.70 443571 449473 465332 476850 472312
Gross Fixed Capital Formation (SGD Million) 28702.60 28969 29451 28990 29707 29424
GDP per capita (USD) 58247.90 60500 60500 60500 61800 61800
GDP per capita PPP (USD) 90091.40 88184 90000 90000 88184 96310
GDP From Construction (SGD Million) 4802.00 4592 4693 4850 4970 4923
GDP From Manufacturing (SGD Million) 22933.00 22488 23053 23162 23736 23510
GDP From Services (SGD Million) 16652.80 16347 16511 16819 17236 17072
GDP From Transport (SGD Million) 8101.20 7936 7980 8182 8385 8305
GDP From Utilities (SGD Million) 1469.70 1430 1451 1484 1521 1507

Labour Actual Q2 Q3 Q4 Q1 2021
Unemployment Rate (%) 2.30 2.4 2.5 2.4 2.4 2.6
Employed Persons (Thousand ) 3778.00 3800 3800 3800 3800 3800
Unemployed Persons (Thousand ) 110.80 113 113 113 113 113
Average Weekly Hours 44.80 44.8 44.8 44.8 44.8 45
Labor Force Participation Rate (%) 67.70 67.8 67.8 68 68 68
Labour Costs (points) 107.00 120 120 122 122 122
Productivity (points) 107.00 97 96 110 110 110
Wages (SGD/Month) 5783.00 5400 5400 6100 6400 6250
Population (Million) 5.71 5.74 5.74 5.74 5.78 5.78
Retirement Age Women 62.00 62 62 62 62 62
Retirement Age Men 62.00 62 62 62 62 62
Employment Change (Thousands Person) 18.30 5 3 12.2 12.2 12.2

Prices Actual Q2 Q3 Q4 Q1 2021
Inflation Rate (%) 0.30 1 1.2 1.5 1.5 2
Inflation Rate Mom (%) 0.10 0.5 0.5 0.5 0.5 0.5
Consumer Price Index CPI (points) 100.30 101 101 102 102 104
Core Consumer Prices (points) 100.10 101 101 102 102 104
Core Inflation Rate (%) -0.10 1 1.5 1.5 1.5 2.2
Producer Prices (points) 95.21 97.57 99.7 97.1 97.11 99.53
Export Prices (points) 96.40 90 90 88 88 88
Import Prices (points) 97.20 97.5 98.8 107 107 107
Food Inflation (%) 1.60 1.3 1.3 1.7 1.7 1.7
Producer Prices Change (%) -1.50 1.9 2.2 2 2 2.5
CPI Housing Utilities (points) 100.70 101 102 102 102 104
CPI Transportation (points) 100.30 101 101 103 102 105

Money Actual Q2 Q3 Q4 Q1 2021
Interest Rate (%) 1.26 1.3 1.4 1.4 1.4 1.5
Interbank Rate (%) 0.99 1.06 1.16 1.16 1.16 1.16
Money Supply M2 (SGD Million) 646295.10 614000 614000 625000 625000 625000
Foreign Exchange Reserves (SGD Million) 397471.10 402500 404700 409000 409000 412000
Banks Balance Sheet (SGD Million) 1423608.20 1360000 1360000 1410000 1410000 1410000
Loans to Private Sector (SGD Million) 692846.00 671279 677633 699325 699801 709814
Deposit Interest Rate (%) 0.25 0.19 0.29 1 0.39 0.39
Central Bank Balance Sheet (SGD Million) 392717.40 410000 405000 412000 412000 399000

Trade Actual Q2 Q3 Q4 Q1 2021
Balance of Trade (Million SGD) 1095.47 1800 3400 3300 3300 3400
Current Account (SGD Million) 19600.60 22500 23000 18000 18000 16800
Current Account to GDP (%) 17.70 17 17 17 16.5 16.5
Imports (Million SGD) 40720.98 40800 41500 42000 42000 41500
Exports (Million SGD) 41816.45 42600 44900 45300 45300 44900
External Debt (SGD Million) 2123229.90 2550000 2056222 2735000 2735000 2735000
Capital Flows (SGD Million) 15105.90 21500 21500 21500 21500 21500
Tourist Arrivals 1687344.00 1310000 1390000 1490000 1570000 1620000
Foreign Direct Investment (SGD Million) 37792.20 28000 26000 27700 27700 27700

Government Actual Q2 Q3 Q4 Q1 2021
Government Debt to GDP (%) 112.20 120 120 120 118 118
Government Budget (% of GDP) -0.30 -12 -12 -12 -8.7 -8.7
Government Budget Value (SGD Million) 134.10 2500 1500 1800 1800 1800
Government Spending (SGD Million) 12534.30 11782 12109 12660 12973 12850
Government Revenues (SGD Million) 6917.80 7400 6300 4500 4500 5500
Fiscal Expenditure (SGD Million) 6783.70 5500 56000 7700 7700 8700
Military Expenditure (USD Million) 10458.00 10570 10570 10570 10570 10570
Government Debt (SGD Million) 641094.30 595000 595000 605000 605000 616000

Taxes Actual Q2 Q3 Q4 Q1 2021
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 Q2 Q3 Q4 Q1 2021
Business Confidence (points) -12.00 -42 -22 -16 -12 -10
Manufacturing PMI (points) 45.40 44.1 47.7 50.5 51 50.4
Industrial Production (%) -1.10 3 0.8 4 4 6
Industrial Production Mom (%) -22.30 -0.5 0.2 1.6 1.6 1.6
Changes in Inventories (SGD Million) 2103.00 2090 2090 1920 1920 1920
Bankruptcies (Companies) 157.00 155 155 180 180 180
Car Registrations 6911.00 9000 9000 10000 10000 11500
Leading Economic Index (points) 107.70 105 104 109 109 115
Composite Pmi (points) 33.30 41 42 50 52 53.1

Consumer Actual Q2 Q3 Q4 Q1 2021
Retail Sales MoM (%) -8.90 1.5 2.2 -0.5 -0.5 -0.5
Retail Sales YoY (%) -8.60 1.5 2.5 3 3 3
Consumer Spending (SGD Million) 45589.60 43889 45142 46045 47185 46736
Private Sector Credit (SGD Million) 618733.00 612000 613000 634000 634000 634000
Bank Lending Rate (%) 5.25 5.29 5.39 5.39 5.39 5.39
Gasoline Prices (USD/Liter) 1.44 1.37 1.3 1.24 1.17 1.11
Households Debt To GDP (% of GDP) 51.50 56.5 58 59 59 59

Housing Actual Q2 Q3 Q4 Q1 2021
Housing Index (points) 151.80 156 158 159 160 166
New Home Sales (Units) 618.00 750 650 560 560 560
Home Ownership Rate (%) 91.00 91 91 91.7 91.7 91.7


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.