Singapore | Economic Forecasts | 2017-2020 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 Q4/17 Q1/18 Q2/18 Q3/18 2020
GDP Growth Rate 8.80 3.9 -1.2 1.5 6.2 3.7 percent [+]
Unemployment Rate 2.20 2.3 2.4 2.4 2.4 3.1 percent [+]
Inflation Rate 0.40 1 1.2 1.5 1.4 2.2 percent [+]
Interest Rate 1.26 0.75 0.8 0.9 1 1.5 percent [+]
Balance of Trade 2947.76 6000 6400 6800 6700 7300 Million SGD [+]
Government Debt to GDP 112.00 105 104 104 108 108 percent [+]
MARKETS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Currency 1.35 1.36 1.34 1.33 1.32 1.16 [+]
Stock Market 3416.94 3260 3230 3190 3160 2800 points [+]
Government Bond 10Y 1.99 2.14 2.16 2.18 2.2 2.44 percent [+]
GDP Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
GDP Growth Rate 8.80 3.9 -1.2 1.5 6.2 3.7 percent [+]
GDP Annual Growth Rate 5.20 2.8 2.5 2.3 2.2 1.8 percent [+]
GDP 296.97 304 314 314 314 329 USD Billion [+]
GDP Constant Prices 104973.20 108890 107583 109197 106734 115328 SGD Million [+]
Gross National Product 410271.90 417234 421275 421275 423894 427349 SGD Million [+]
Gross Fixed Capital Formation 23085.80 24607 25300 26520 23029 25400 SGD Million [+]
GDP per capita 52600.60 53100 54247 54247 53029 56242 USD [+]
GDP per capita PPP 81443.40 81357 82077 82077 81734 85504 USD [+]
GDP From Construction 4339.10 4251 4710 4730 4064 5260 SGD Million [+]
GDP From Manufacturing 20815.00 17632 20427 20848 20704 18200 SGD Million [+]
GDP From Services 18936.40 19527 19400 20500 19128 22500 SGD Million [+]
GDP From Transport 8132.60 8291 8100 8600 8174 9240 SGD Million [+]
GDP From Utilities 1361.50 1357 1398 1410 1354 1450 SGD Million [+]
LABOUR Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Unemployment Rate 2.20 2.3 2.4 2.4 2.4 3.1 percent [+]
Employed Persons 3672.60 3820 3929 3929 3676 4151 Thousand [+]
Unemployed Persons 102.80 111 119 119 93.57 133 Thousand [+]
Average Weekly Hours 45.50 45.2 45 45 45.77 44.5 [+]
Labor Force Participation Rate 68.00 68.7 69 69 68.26 71.5 percent [+]
Labour Costs 109.40 120 126 112 109 122 Index Points [+]
Productivity 109.40 120 125 111 109 124 Index Points [+]
Job Vacancies 53100.00 49641 52200 50500 47340 58817 [+]
Wages 4795.00 5500 5800 5150 4820 6200 SGD/Month [+]
Population 5.60 5.64 5.77 5.77 5.67 5.72 Million [+]
Retirement Age Women 62.00 62 62 62 62 62 [+]
Retirement Age Men 62.00 62 62 62 62 62 [+]
Employment Change -0.70 6.7 -1 12.4 11.54 12.2 Thousands Person [+]
PRICES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Inflation Rate 0.40 1 1.2 1.5 1.4 2.2 percent [+]
Inflation Rate Mom -0.30 0.3 0.4 0.5 0.5 0.5 percent [+]
Consumer Price Index CPI 99.27 100 101 101 99.21 110 Index Points [+]
Core Consumer Prices 102.59 106 106 106 103 118 Index Points [+]
Core Inflation Rate 1.50 1.7 1.7 1.9 1.53 3 percent [+]
GDP Deflator 102.07 104 105 105 102 116 Index Points [+]
Producer Prices 79.50 80 81 81 81 85 Index Points [+]
Export Prices 86.10 84 85 85 85 88 Index Points [+]
Import Prices 82.90 87 88.5 90 85.28 107 Index Points [+]
Food Inflation 1.40 1.4 1.5 1.4 1.5 1.7 percent [+]
Producer Prices Change 3.52 6 4.6 5.3 5.6 5.5 percent [+]
CPI Housing Utilities 88.36 88.86 88.44 88.31 88.26 87.75 Index Points [+]
CPI Transportation 98.60 103 104 106 98.42 117 Index Points [+]
MONEY Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Interest Rate 1.26 0.75 0.8 0.9 1 1.5 percent [+]
Interbank Rate 0.88 1.25 1.25 1.25 1.15 2 percent [+]
Money Supply M0 41441.60 41506 41543 41536 41523 41399 SGD Million [+]
Money Supply M1 185051.10 186757 188246 188734 188862 188138 SGD Million [+]
Money Supply M2 581460.50 583316 585199 585843 585986 584180 SGD Million [+]
Money Supply M3 593422.20 595519 597914 598965 599374 597794 SGD Million [+]
Foreign Exchange Reserves 376596.90 377396 378451 378710 378706 377585 SGD Million [+]
Banks Balance Sheet 1220194.10 1200000 1210000 1234000 1229739 1410000 SGD Million [+]
Loans to Private Sector 649563.90 627000 633000 636000 686736 654000 SGD Million [+]
Deposit Interest Rate 0.20 0.3 0.5 0.5 0.47 1 percent [+]
Central Bank Balance Sheet 385574.60 385000 389229 394234 385548 420000 SGD Million [+]
TRADE Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Balance of Trade 2947.76 6000 6400 6800 6700 7300 Million SGD [+]
Exports 42071.60 44568 46130 44500 40694 50326 Million SGD [+]
Imports 39123.84 38568 39730 37700 36692 43000 Million SGD [+]
Current Account 21689.10 20000 22000 22800 20298 24000 SGD Million [+]
Current Account to GDP 19.00 20.5 19.3 19.3 18.38 18 percent [+]
External Debt 0.00 0.4 0.71 1.12 1.62 9.45 SGD Million [+]
Terms of Trade 103.86 106 103 104 104 105 Index Points [+]
Capital Flows 10324.70 25700 26000 20000 9600 21000 SGD Million [+]
Tourist Arrivals 1319814.00 1692874 1503004 1449153 1493100 2210118 [+]
Gold Reserves 127.40 124 123 123 123 123 Tonnes [+]
Terrorism Index 0.00 0.5 0.3 0.3 0 0.2 [+]
Weapons Sales 46.00 50 42 42 47.89 56 USD Million [+]
Foreign Direct Investment 18806.80 25703 18443 24392 19079 27753 SGD Million [+]
GOVERNMENT Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Government Debt to GDP 112.00 105 104 104 108 108 percent [+]
Government Budget 1.30 0.4 0.8 0.8 2.98 0.9 percent of GDP [+]
Government Budget Value 1626.00 652 1023 859 896 887 SGD Million [+]
Government Spending 10503.20 11300 11400 11400 10514 13700 SGD Million [+]
Government Revenues 6177.00 6500 8300 8500 5575 9500 SGD Million [+]
Fiscal Expenditure 4550.90 6900 17800 4900 4836 7700 SGD Million [+]
Military Expenditure 9986.30 10201 10367 10601 10476 10812 USD Million [+]
Government Debt 496028.00 508668 515450 524360 533911 585603 SGD Million [+]
BUSINESS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Business Confidence 5.00 4 3 3.4 3.8 7 [+]
Manufacturing PMI 52.90 53.1 52.7 52.2 51.4 50.2 [+]
Industrial Production 14.60 17 15 14 14 13 percent [+]
Industrial Production Mom 0.70 1.3 1.9 1.7 1.5 1.6 percent [+]
Changes in Inventories 5585.90 3000 1895 2577 2735 961 SGD Million [+]
Bankruptcies 129.00 190 148 160 158 180 Companies [+]
Car Registrations 10454.00 13105 11581 15000 9750 20000 Cars [+]
Leading Economic Index 110.30 102 99.8 102 111 104 Index Points [+]
Internet Speed 20345.58 22009 21536 22319 22604 20657 KBps [+]
Competitiveness Index 5.71 5.7 5.7 5.7 5.7 5.78 Points [+]
Competitiveness Rank 3.00 2 3 3 3 1 [+]
Composite Pmi 55.40 50.5 50.8 50.8 52.68 53.1 [+]
Ease of Doing Business 2.00 1 1 1 1 1 [+]
Corruption Index 84.00 86 85 85 86 89 Points [+]
Corruption Rank 7.00 7 6 6 6 4 [+]
CONSUMER Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Retail Sales MoM 1.50 -1.1 -0.6 -0.6 0.46 -0.5 percent [+]
Retail Sales YoY -0.10 3.3 2.9 1.8 3.51 2.65 percent [+]
Consumer Spending 35321.40 35495 35100 35100 35806 35804 SGD Million [+]
Private Sector Credit 572772.90 578874 586550 591085 593735 593662 SGD Million [+]
Bank Lending Rate 5.28 4.75 4.75 4.5 5.47 3.25 percent [+]
Households Debt To Gdp 60.70 60.7 59.07 58.75 58.45 63 percent of GDP [+]
Gasoline Prices 1.62 1.51 1.4 1.37 1.37 1.36 USD/Liter [+]
HOUSING Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Housing Index 137.60 138 139 140 137 150 Index Points [+]
New Home Sales 785.00 510 1500 740 895 560 Units [+]
Home Ownership Rate 90.90 91 91.2 91.2 90.46 91.7 percent [+]
TAXES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Corporate Tax Rate 17.00 17 17 17 17 17 percent [+]
Personal Income Tax Rate 22.00 22 22 22 22 22 percent [+]
Sales Tax Rate 7.00 7 7 7 7 8 percent [+]
Social Security Rate 37.00 37 37 37 36.84 37 percent [+]
Social Security Rate For Companies 17.00 17 17 17 16.84 17 percent [+]
Social Security Rate For Employees 20.00 20 20 20 20 20 percent [+]
CLIMATE Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Precipitation 263.00 208 208 208 208 208 mm [+]
Temperature 27.00 27.22 27.22 27.22 27.22 27.22 celsius [+]