Markets Actual Q2 Q3 Q4 Q1 2022
Currency 1.33 1.34 1.34 1.35 1.35 1.36
Stock Market (points) 3173.00 3116 3066 3017 2969 2873
Government Bond 10Y (%) 1.52 1.56 1.59 1.62 1.65 1.71

Overview Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) 2.00 4 5 3 3 2
GDP Annual Growth Rate (%) 0.20 6.1 5.5 4.5 3.5 2.1
Unemployment Rate (%) 2.90 2.8 2.8 2.4 2.6 2.5
Inflation Rate (%) 1.30 1.7 1.9 1.5 1.1 1.5
Inflation Rate Mom (%) 0.20 0.2 0.3 0.3 0.2 0.5
Interest Rate (%) 0.26 0.3 0.4 0.4 0.5 0.7
Balance of Trade (Million SGD) 5608.35 1300 4300 7300 3400 3400
Current Account (SGD Million) 19622.60 16000 19000 17500 16000 24000
Current Account to GDP (%) 17.60 14.5 14.5 14.5 14 14
Government Debt to GDP (%) 131.00 140 140 140 142 142
Government Budget (% of GDP) -13.90 -2.5 -2.5 -2.5 -2.5 -2.5
Business Confidence (points) 38.00 18 8 10 8 4
Manufacturing PMI (points) 50.90 51 52 50.4 50 50.7
Retail Sales MoM (%) 3.00 -0.5 1.3 1.3 2 -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 2022
GDP Growth Rate (%) 2.00 4 5 3 3 2
GDP Annual Growth Rate (%) 0.20 6.1 5.5 4.5 3.5 2.1
GDP (USD Billion) 372.06 390 390 390 390 425
GDP Constant Prices (SGD Million) 117400.50 110166 119373 122684 121510 125260
Gross National Product (SGD Million) 411756.60 488829 486065 430286 426168 439322
Gross Fixed Capital Formation (SGD Million) 27435.60 22630 24921 28670 28396 29272
GDP per capita (USD) 58829.60 59500 59500 59500 59500 61000
GDP per capita PPP (USD) 97341.50 90000 90000 90000 88184 96310
GDP From Construction (SGD Million) 3597.80 1784 2439 3760 3724 3839
GDP From Manufacturing (SGD Million) 25190.30 24711 26954 26324 26072 26877
GDP From Services (SGD Million) 16807.10 17101 16976 17563 17395 17932
GDP From Transport (SGD Million) 5881.80 5370 6003 6146 6088 6276
GDP From Utilities (SGD Million) 1471.00 1459 1501 1537 1522 1569

Labour Actual Q2 Q3 Q4 Q1 2022
Unemployment Rate (%) 2.90 2.8 2.8 2.4 2.6 2.5
Employed Persons (Thousand ) 3597.70 3700 3700 3700 3800 3800
Unemployed Persons (Thousand ) 139.90 125 125 125 125 125
Average Weekly Hours 44.00 45 45 45 45 45
Labor Force Participation Rate (%) 68.10 68 68 68 68 68
Productivity (points) 94.50 95.5 95 108 108 108
Labour Costs (points) 94.50 80.5 102 117 116 117
Wages (SGD/Month) 5877.00 5200 5400 6100 6290 6320
Population (Million) 5.70 5.78 5.78 5.78 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) 6.70 15.2 10 10 20 12.2

Prices Actual Q2 Q3 Q4 Q1 2022
Inflation Rate (%) 1.30 1.7 1.9 1.5 1.1 1.5
Inflation Rate Mom (%) 0.20 0.2 0.3 0.3 0.2 0.5
Consumer Price Index CPI (points) 101.20 101 102 102 102 104
Core Consumer Prices (points) 101.10 101 102 102 102 103
Core Inflation Rate (%) 0.50 1.9 1.9 1.6 1.3 1.5
Producer Prices (points) 94.63 98.89 96.78 95.72 94.73 98.11
Export Prices (points) 96.30 91.8 92 95 94 90
Import Prices (points) 99.70 107 107 107 107 107
Food Inflation (%) 1.40 1.8 2 2 1.6 1.7
CPI Housing Utilities (points) 100.50 102 102 102 102 103
CPI Transportation (points) 104.60 98.34 102 103 105 105
Producer Prices Change (%) 9.60 9.8 9.5 8.5 3.5 2.5

Money Actual Q2 Q3 Q4 Q1 2022
Interest Rate (%) 0.26 0.3 0.4 0.4 0.5 0.7
Interbank Rate (%) 0.44 0.47 0.47 1.99 0.57 0.77
Money Supply M2 (SGD Million) 730572.10 695000 680000 680000 680000 625000
Foreign Exchange Reserves (SGD Million) 513233.70 532858 558412 583966 609520 686181
Banks Balance Sheet (SGD Million) 1552341.20 1528137 1498731 1469324 1450000 1400000
Loans to Private Sector (SGD Million) 691227.10 721604 714722 709266 710765 724161
Deposit Interest Rate (%) 0.12 0.16 0.16 0.26 0.26 0.46
Central Bank Balance Sheet (SGD Million) 527028.40 546006 571627 597248 622870 699733

Trade Actual Q2 Q3 Q4 Q1 2022
Balance of Trade (Million SGD) 5608.35 1300 4300 7300 3400 3400
Current Account (SGD Million) 19622.60 16000 19000 17500 16000 24000
Current Account to GDP (%) 17.60 14.5 14.5 14.5 14 14
Imports (Million SGD) 38103.43 38000 38500 41500 41500 41500
Exports (Million SGD) 46099.71 42300 42000 44900 44900 44900
External Debt (SGD Million) 2210679.90 2435000 2235000 2220000 2220000 2220000
Capital Flows (SGD Million) -16248.20 12500 14000 14000 13000 21500
Tourist Arrivals 27174.00 157000 100000 120000 300000 570000
Foreign Direct Investment (SGD Million) 30329.10 27700 27700 27700 27700 27700

Government Actual Q2 Q3 Q4 Q1 2022
Government Debt to GDP (%) 131.00 140 140 140 142 142
Government Budget (% of GDP) -13.90 -2.5 -2.5 -2.5 -2.5 -2.5
Government Spending (SGD Million) 14068.80 12432 11777 11299 11299 11299
Government Revenues (SGD Million) 6462.20 5000 6200 5500 5500 5500
Fiscal Expenditure (SGD Million) 26069.40 6300 6300 7500 7500 7500
Government Debt (SGD Million) 704721.40 715000 705000 706000 706000 710000
Military Expenditure (USD Million) 11262.00 10570 10570 10570 10570 10570

Taxes Actual Q2 Q3 Q4 Q1 2022
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 2022
Business Confidence (points) 38.00 18 8 10 8 4
Manufacturing PMI (points) 50.90 51 52 50.4 50 50.7
Industrial Production (%) 7.60 8.5 6 6 6 6
Industrial Production Mom (%) -1.70 2.5 0.8 1.6 1.6 1.6
Changes in Inventories (SGD Million) 1203.70 2120 19000 19000 19000 1920
Bankruptcies (Companies) 50.00 95 90 120 150 80
Car Registrations 7869.00 8000 9000 10500 10000 11500
Leading Economic Index (points) 110.80 109 108 110 106 115
Composite PMI (points) 51.80 55 55 53 55 53

Consumer Actual Q2 Q3 Q4 Q1 2022
Retail Sales MoM (%) 3.00 -0.5 1.3 1.3 2 -0.5
Retail Sales YoY (%) 6.20 13 8 5 2 3
Consumer Spending (SGD Million) 39743.00 33648 41310 41531 41134 42404
Private Sector Credit (SGD Million) 634092.40 634410 632177 631931 629000 648166
Bank Lending Rate (%) 5.25 5.29 5.29 5.37 5.39 5.59
Gasoline Prices (USD/Liter) 1.76 1.47 1.4 1.39 1.26 1.2
Households Debt To GDP (% of GDP) 53.80 57 59 59 59 59

Housing Actual Q2 Q3 Q4 Q1 2022
Housing Index (points) 162.20 162 163 166 168 170
Home Ownership Rate (%) 90.40 91.7 91.7 91.7 91.7 91.7
New Home Sales (Units) 645.00 1100 800 600 900 1000


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.