Markets Actual Q1 Q2 Q3 Q4 2020
Currency 1.35 1.36 1.36 1.37 1.37 1.38
Stock Market (points) 3213.65 3178 3143 3109 3075 3008
Government Bond 10Y (%) 2.06 2.29 2.33 2.36 2.4 2.47
Overview Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 1.40 1.1 4.7 4.7 3.2 3.7
GDP Annual Growth Rate (%) 1.90 2.5 2.3 2.4 2.2 1.7
Unemployment Rate (%) 2.20 2.2 2.2 2.2 2.1 2.4
Inflation Rate (%) 0.40 0.6 1.1 1 1.2 1.7
Inflation Rate Mom (%) -0.30 0.2 0.1 0.5 0.4 0.5
Interest Rate (%) 1.66 2 1.9 1.9 1.8 1.5
Balance of Trade (Million SGD) 5198.50 5400 3200 5250 6200 6800
Current Account (SGD Million) 17796.10 23000 26700 26000 23500 24000
Current Account to GDP (%) 19.50 19.3 19.3 19.3 19.3 18.7
Government Debt to GDP (%) 110.60 106 106 106 106 108
Government Budget (% of GDP) 0.40 0.4 -0.6 -0.6 -0.6 0.4
Business Confidence (Index Points) -14.00 6 7 8 6 7
Manufacturing PMI 50.40 51.4 50.5 51 51.7 50.2
Retail Sales MoM (%) 0.20 0.2 -0.3 -2.9 -1.2 -0.5
Corporate Tax Rate (%) 17.00 17 17 17 17 17
Personal Income Tax Rate (%) 22.00 22 22 22 22 23
GDP Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 1.40 1.1 4.7 4.7 3.2 3.7
GDP Annual Growth Rate (%) 1.90 2.5 2.3 2.4 2.2 1.7
GDP (USD Billion) 323.91 343 343 343 343 352
GDP Constant Prices (SGD Million) 111108.10 109350 109587 110287 112220 114913
Gross National Product (SGD Million) 454012.90 435548 435401 434970 442592 453215
Gross Fixed Capital Formation (SGD Million) 29998.80 25936 28383 26168 26626 27265
GDP per capita (USD) 55235.51 55900 55900 55900 55900 56240
GDP per capita PPP (USD) 85535.38 87000 87000 87000 87000 90000
GDP From Construction (SGD Million) 4234.40 4634 4453 4495 4499 4607
GDP From Manufacturing (SGD Million) 21376.50 21479 21647 21787 22169 22701
GDP From Services (SGD Million) 20169.30 19633 19868 20029 20380 20869
GDP From Transport (SGD Million) 8365.00 8287 8227 8397 8545 8750
GDP From Utilities (SGD Million) 1359.10 1356 1371 1352 1376 1409
Labour Actual Q1 Q2 Q3 Q4 2020
Unemployment Rate (%) 2.20 2.2 2.2 2.2 2.1 2.4
Employed Persons (Thousand ) 3715.80 3750 3750 3750 3750 3800
Unemployed Persons (Thousand ) 100.20 111 111 111 111 113
Average Weekly Hours 45.00 44.8 44.8 44.8 44.8 44.8
Labor Force Participation Rate (%) 67.70 71 71 71 71 71.5
Labour Costs (Index Points) 117.00 122 108 110 120 122
Productivity (Index Points) 117.00 122 108 110 120 122
Job Vacancies 57800.00 54400 54290 55900 57100 58810
Wages (SGD/Month) 5752.00 5850 5400 5150 5760 5920
Population (Million) 5.64 5.66 5.66 5.66 5.62 5.63
Retirement Age Women 62.00 62 62 62 62 62
Retirement Age Men 62.00 62 62 62 62 62
Employment Change (Thousands Person) 16.90 7.9 8.5 -1.5 2.4 12.2
Prices Actual Q1 Q2 Q3 Q4 2020
Inflation Rate (%) 0.40 0.6 1.1 1 1.2 1.7
Inflation Rate Mom (%) -0.30 0.2 0.1 0.5 0.4 0.5
Consumer Price Index CPI (Index Points) 99.90 101 101 102 102 104
Core Consumer Prices (Index Points) 104.10 105 105 107 107 110
Core Inflation Rate (%) 1.70 1.2 1.5 1.8 2.1 2.2
GDP Deflator (Index Points) 111.74 107 106 109 110 112
Producer Prices (Index Points) 80.20 88.43 93.65 94.27 90.74 101
Export Prices (Index Points) 97.20 91.3 89.2 89.2 87 88
Import Prices (Index Points) 98.40 91.4 91.2 88.9 89.7 107
Food Inflation (%) 1.40 1.4 1.2 1.3 1.6 1.7
Producer Prices Change (%) -1.90 10.4 8.9 7 6.5 11.5
CPI Housing Utilities (Index Points) 87.90 90.32 90.3 91.15 91.21 93.22
CPI Transportation (Index Points) 97.40 99.43 99.63 99.47 99.05 101
Money Actual Q1 Q2 Q3 Q4 2020
Interest Rate (%) 1.66 2 1.9 1.9 1.8 1.5
Money Supply M0 (SGD Million) 46904.80 44873 45192 45640 45970 47644
Money Supply M1 (SGD Million) 185280.20 196050 196290 196800 198800 217000
Interbank Rate (%) 1.94 1.62 1.72 1.52 1.32 1.32
Money Supply M2 (SGD Million) 606527.60 607000 611000 612500 614000 625000
Money Supply M3 (SGD Million) 619119.90 613100 616000 620500 622000 623500
Foreign Exchange Reserves (SGD Million) 395219.90 398000 398600 399000 400000 410000
Banks Balance Sheet (SGD Million) 1296027.00 1321500 1322900 1329000 1335000 1410000
Loans to Private Sector (SGD Million) 671211.20 692000 699000 705000 710000 715000
Deposit Interest Rate (%) 0.14 0.39 0.49 0.29 0.7 1
Central Bank Balance Sheet (SGD Million) 403843.10 417000 419500 421000 423000 429000
Trade Actual Q1 Q2 Q3 Q4 2020
Balance of Trade (Million SGD) 5198.50 5400 3200 5250 6200 6800
Current Account (SGD Million) 17796.10 23000 26700 26000 23500 24000
Current Account to GDP (%) 19.50 19.3 19.3 19.3 19.3 18.7
Imports (Million SGD) 41296.74 44900 45000 43200 41900 43000
Exports (Million SGD) 43711.94 47750 48200 48450 48900 50300
External Debt (SGD Million) 1981146.00 2155000 2290000 2422000 2550000 2735000
Terms of Trade (Index Points) 98.83 99.84 97.81 100 96.99 82.24
Capital Flows (SGD Million) 21311.40 19020 19300 19500 20900 21500
Tourist Arrivals 1620187.00 1472000 1460000 1490000 1520000 1560000
Weapons Sales (USD Million) 47.00 52 52 52 52 56
Foreign Direct Investment (SGD Million) 32853.80 23000 23600 24500 25000 27700
Government Actual Q1 Q2 Q3 Q4 2020
Government Debt to GDP (%) 110.60 106 106 106 106 108
Government Budget (% of GDP) 0.40 0.4 -0.6 -0.6 -0.6 0.4
Government Budget Value (SGD Million) 657.90 1630 1620 1485 1400 1800
Government Spending (SGD Million) 10699.80 11329 10991 10942 10952 11215
Government Revenues (SGD Million) 8185.20 7530 7570 7585 7800 9500
Fiscal Expenditure (SGD Million) 7527.30 5900 5950 6100 6400 7700
Military Expenditure (USD Million) 10122.00 10360 10400 10440 10530 10570
Government Debt (SGD Million) 546699.50 555000 564000 572000 611000 636000
Taxes Actual Q1 Q2 Q3 Q4 2020
Corporate Tax Rate (%) 17.00 17 17 17 17 17
Personal Income Tax Rate (%) 22.00 22 22 22 22 23
Sales Tax Rate (%) 7.00 7 7 7 7 7
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 Q1 Q2 Q3 Q4 2020
Business Confidence (Index Points) -14.00 6 7 8 6 7
Manufacturing PMI 50.40 51.4 50.5 51 51.7 50.2
Industrial Production (%) -3.10 4.5 6.8 7.6 10 13
Industrial Production Mom (%) 0.90 1.1 0.7 1 1.4 1.6
Changes in Inventories (SGD Million) 3416.80 2020 2450 1730 2090 1920
Bankruptcies (Companies) 152.00 168 142 137 190 180
Car Registrations 7284.00 12000 12200 10400 14500 15000
Leading Economic Index (Index Points) 112.00 111 110 110 107 104
Composite Pmi 49.80 53.1 53 52.8 52.2 53.1
Consumer Actual Q1 Q2 Q3 Q4 2020
Retail Sales MoM (%) 0.20 0.2 -0.3 -2.9 -1.2 -0.5
Retail Sales YoY (%) 7.60 -1.7 1.6 0.3 4.1 3
Consumer Spending (SGD Million) 38550.50 36569 37776 38694 39372 40317
Private Sector Credit (SGD Million) 601778.10 601000 603500 607000 612000 634000
Bank Lending Rate (%) 5.33 5.06 5.16 4.96 4.76 4.76
Households Debt To GDP (% of GDP) 54.90 58.9 59.5 59.4 59.2 60
Gasoline Prices (USD/Liter) 1.59 1.55 1.51 1.47 1.43 1.43
Housing Actual Q1 Q2 Q3 Q4 2020
Housing Index (Index Points) 149.60 153 154 154 -0.1 156
New Home Sales (Units) 1198.00 596 530 587 590 560
Home Ownership Rate (%) 90.70 91.5 91.5 91.5 91.5 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.