Markets Actual Q3 Q4 Q1 Q2 2023
Currency 1.44 1.44 1.45 1.46 1.47 1.49
Stock Market (points) 3164.80 3166 3106 3047 2989 2876
Government Bond 10Y (%) 3.37 3.27 3.35 3.44 3.53 3.71

Overview Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) -0.20 1.3 0.5 1 0.8 1.1
GDP Annual Growth Rate (%) 4.40 3 3.1 2.7 2.5 2.4
Unemployment Rate (%) 2.10 2.4 2.3 2.2 2.2 2.2
Inflation Rate (%) 7.50 7.7 7.5 6.9 5.5 4.5
Inflation Rate MoM (%) 0.90 0.6 0.3 -0.1 0.1 0.1
Interest Rate (%) 2.34 2.7 3 3.2 3.5 3
Balance of Trade (Million SGD) 3755.47 11000 7150 8900 8900 9300
Current Account (SGD Million) 27464.90 16000 24000 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) -8.00 12 4 4 4 4
Manufacturing PMI (points) 50.00 51 50.7 50.7 50.7 51
Retail Sales MoM (%) 0.60 1 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 Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) -0.20 1.3 0.5 1 0.8 1.1
GDP Annual Growth Rate (%) 4.40 3 3.1 2.7 2.5 2.4
GDP (USD Billion) 396.99 390 425 425 425 449
GDP Constant Prices (SGD Million) 127484.70 124797 130768 131153 130672 133906
Gross National Product (SGD Million) 469088.30 424109 483630 481754 480816 495237
Gross Fixed Capital Formation (SGD Million) 30233.30 30567 31102 31234 30989 31849
GDP per Capita (USD) 66176.39 59500 61000 61000 61000 61000
GDP per Capita PPP (USD) 106032.22 90000 90000 90000 88184 96310
Full Year GDP Growth (%) 7.61 3.9 3.9 2.7 2.7 2.7
GDP from Construction (SGD Million) 3737.20 3954 3691 3794 3831 3779
GDP from Manufacturing (SGD Million) 29193.90 28209 30505 30322 29924 31237
GDP from Services (SGD Million) 17974.50 17505 18274 18363 18424 18713
GDP from Transport (SGD Million) 7202.80 6338 7204 7395 7383 7376
GDP from Utilities (SGD Million) 1546.40 1534 1585 1591 1585 1623

Labour Actual Q3 Q4 Q1 Q2 2023
Unemployment Rate (%) 2.10 2.4 2.3 2.2 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
Labour Costs (points) 98.50 95 95 95 95 117
Productivity (points) 98.50 96 96 96 96 108
Wages (SGD/Month) 5847.00 6200 6320 6320 6320 6400
Population (Million) 5.45 5.82 5.82 5.82 5.82 5.82
Retirement Age Women 63.00 63 63 63 63 63
Retirement Age Men 63.00 63 63 63 63 63
Employment Change (Thousands Person) 64.40 15 15 15 15 12.2

Prices Actual Q3 Q4 Q1 Q2 2023
Inflation Rate (%) 7.50 7.7 7.5 6.9 5.5 4.5
Inflation Rate MoM (%) 0.90 0.6 0.3 -0.1 0.1 0.1
Consumer Price Index CPI (points) 109.86 111 112 114 115 117
Core Consumer Prices (points) 110.50 108 110 112 114 114
Core Inflation Rate (%) 5.10 5.2 5.1 4.6 4.1 3.6
Producer Prices (points) 123.40 114 114 119 136 121
Export Prices (points) 124.20 122 124 126 126 138
Import Prices (points) 119.37 120 124 126 126 131
Food Inflation (%) 6.40 7 6.2 5.4 4 1.7
CPI Housing Utilities (points) 108.09 110 111 112 112 116
CPI Transportation (points) 128.80 130 130 130 130 130
Producer Prices Change (%) 19.00 8 5.5 5.5 5.5 5.5

Money Actual Q3 Q4 Q1 Q2 2023
Interest Rate (%) 2.34 2.7 3 3.2 3.5 3
Interbank Rate (%) 3.03 3.39 3.69 3.89 4.19 3.69
Money Supply M1 (SGD Million) 278259.30 275000 265000 258000 259000 222000
Money Supply M2 (SGD Million) 757672.20 725000 720000 720000 720000 680000
Money Supply M3 (SGD Million) 771958.20 765000 759000 751000 748000 732000
Foreign Exchange Reserves (SGD Million) 403800.80 431293 410786 411284 420420 435365
Banks Balance Sheet (SGD Million) 3281879.50 3050000 3010000 3010000 3010000 3040000
Loans to Private Sector (SGD Million) 837982.80 827947 835856 852295 862603 855916
Central Bank Balance Sheet (SGD Million) 608057.80 610000 620733 620733 620733 680217

Trade Actual Q3 Q4 Q1 Q2 2023
Balance of Trade (Million SGD) 3755.47 11000 7150 8900 8900 9300
Current Account (SGD Million) 27464.90 16000 24000 24000 24000 24000
Current Account to GDP (% of GDP) 17.60 14 14 14 14 14
Imports (Million SGD) 57302.66 41000 41000 41000 41000 41500
Exports (Million SGD) 61058.14 52000 49900 49900 49900 50800
External Debt (SGD Million) 2441891.50 2020000 2000000 2000000 2000000 2000000
Capital Flows (SGD Million) 101647.30 13000 13000 13000 13000 21500
Tourist Arrivals 728744.00 160000 20000 20000 20000 20000
Foreign Direct Investment (SGD Million) 36890.60 36000 37700 37700 37700 37700
Exports of Non-oil Domestic Exports Of (%) -3.90 4 3.5 3.5 3.5 4
Domestic Exports of Non Oil (nodx) (%yoy) (%) 11.40 5 5 5 5 7.79

Government Actual Q3 Q4 Q1 Q2 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) 14349.30 12000 13000 13000 13000 13500
Government Revenues (SGD Million) 7958.90 6300 7500 7500 7500 7000
Fiscal Expenditure (SGD Million) 7973.20 5800 7500 7500 7500 7500
Government Debt (SGD Million) 988195.60 785000 800000 800000 800000 820000

Taxes Actual Q3 Q4 Q1 Q2 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 8 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 Q3 Q4 Q1 Q2 2023
Business Confidence (points) -8.00 12 4 4 4 4
Manufacturing PMI (points) 50.00 51 50.7 50.7 50.7 51
Industrial Production (%) 0.50 0.2 -2.7 -1.1 0.8 2
Industrial Production Mom (%) 2.00 -1.2 1.1 0.5 0.7 2
Changes in Inventories (SGD Million) 1039.80 2000 2000 2000 2000 1920
Bankruptcies (Companies) 59.00 70 80 80 80 80
Car Registrations 4600.00 8000 9500 9500 9500 9500
Leading Economic Index (points) 112.70 110 110 110 110 115
Composite PMI (points) 56.00 50 53 53 53 53

Consumer Actual Q3 Q4 Q1 Q2 2023
Retail Sales MoM (%) 0.60 1 1 1 1 -0.5
Retail Sales YoY (%) 13.70 5 5 5 5 3
Consumer Spending (SGD Million) 45497.00 41584 42311 44922 46634 43327
Private Sector Credit (SGD Million) 637186.00 630000 638166 638166 638166 638166
Gasoline Prices (USD/Liter) 2.03 2.11 2.19 2.27 2.36 2.36
Households Debt to GDP (% of GDP) 57.10 59 59 59 59 59

Housing Actual Q3 Q4 Q1 Q2 2023
Housing Index (points) 180.40 170 1.8 1.8 1.8 180
New Home Sales (Units) 488.00 12000 1000 1000 1000 1000
Home Ownership Rate (%) 88.90 91.7 91.7 91.7 91.7 91.7


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 Tuesday, September 27, 2022.