Singapore Unemployment Rate Confirmed at 1.8% in Q4

Singapore’s jobless rate was recorded at 1.8 percent in the last three months of 2013, unchanged from the previous quarter and matching preliminary estimates.
Ministry of Manpower | Joana Taborda | 3/14/2014 10:40:05 AM
Citizen unemployment rate was also unchanged at 2.8 percent. The resident unemployment rate edged up slightly by 0.1 percent to 2.7 percent.

For the whole of 2013, the annual average overall and citizen unemployment rates dipped to 1.9 percent and 2.9 percent respectively, while the resident rate remained unchanged at 2.8 percent. 

Overall, the Singapore labour market is expected to remain tight in 2014. This will place upward pressure on incomes. While some increase in redundancies is expected as part of economic restructuring, unemployment is likely to remain low as job creation will be strong. With increasingly binding foreign manpower constraints, local employment should continue to register gains in 2014.

The Construction sector is expected to see strong labour demand on account of ongoing infrastructure development. These include the construction of the Downtown and Thomson MRT lines, hospitals and nursing homes, as well as public and private sector housing projects. Labour demand in the Manufacturing sector is expected to come mainly from the Marine and General Manufacturing industries.

Labour demand in the Services sector is also expected to be strong. In particular, labour demand from the Retail Trade, Accommodation and Food & Beverage Services industries will be driven by the opening of several hotels and shopping malls in 2014. As previously announced foreign workforce tightening measures for the Services sector (such as the reduction of DRC for renewal applications from 50% to 45% and increases in foreign worker levies) come into force in July 2014, labour market conditions for these industries will tighten further, especially for firms that rely on more manpower-intensive and less productive models of operation.

Singapore Unemployment Rate Confirmed at 1.8% in Q4