Markets Actual Q4 Q1 Q2 Q3 2022
Currency 1.35 1.35 1.36 1.36 1.36 1.37
Stock Market (points) 3205.14 3138 3071 3006 2943 2820
Government Bond 10Y (%) 1.76 1.82 1.88 1.93 1.99 2.12

Overview Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) 0.80 3 3 1 3 2
GDP Annual Growth Rate (%) 6.50 4.5 3.5 2.5 3 2.1
Unemployment Rate (%) 2.70 2.4 2.6 2.5 2.4 2.5
Inflation Rate (%) 2.40 1.8 1.1 1.5 1.3 1.5
Inflation Rate Mom (%) 0.50 0.3 0.2 0.2 0.4 0.5
Interest Rate (%) 0.07 0.4 0.5 0.6 0.65 0.7
Balance of Trade (Million SGD) 4999.88 5400 7500 10000 11000 8400
Current Account (SGD Million) 25642.00 17500 16000 16000 16000 24000
Current Account to GDP (% of GDP) 17.60 14.5 14 14 14 14
Government Debt to GDP (% of GDP) 131.00 140 142 142 142 142
Government Budget (% of GDP) -13.90 -2.5 -2.5 -2.5 -2.5 -2.5
Business Confidence (points) 20.00 10 8 15 12 4
Manufacturing PMI (points) 50.80 50.4 51 50.4 51 50.7
Retail Sales MoM (%) -0.60 1.5 2 1.8 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 Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) 0.80 3 3 1 3 2
GDP Annual Growth Rate (%) 6.50 4.5 3.5 2.5 3 2.1
GDP (USD Billion) 340.00 390 390 390 390 425
GDP Constant Prices (SGD Million) 119031.00 122684 125316 122007 122602 125260
Gross National Product (SGD Million) 411756.60 430286 426168 422051 424109 439322
Gross Fixed Capital Formation (SGD Million) 27871.50 28670 28916 28568 28708 29272
GDP per capita (USD) 56349.03 59500 59500 59500 59500 61000
GDP per capita PPP (USD) 93397.05 90000 90000 90000 88184 96310
GDP From Construction (SGD Million) 3469.20 3760 3911 3556 3573 3839
GDP From Manufacturing (SGD Million) 27381.00 26324 28891 28066 28202 26877
GDP From Services (SGD Million) 17015.60 17563 17526 17441 17526 17932
GDP From Transport (SGD Million) 6114.30 6146 6436 6267 6298 6276
GDP From Utilities (SGD Million) 1464.50 1537 1529 1501 1508 1569

Labour Actual Q4 Q1 Q2 Q3 2022
Unemployment Rate (%) 2.70 2.4 2.6 2.5 2.4 2.5
Employed Persons (Thousand ) 3597.70 3700 3800 3800 3800 3800
Unemployed Persons (Thousand ) 139.90 125 115 115 115 115
Average Weekly Hours 44.00 45 45 45 45 45
Labor Force Participation Rate (%) 68.10 68 68 68 68 68
Productivity (points) 94.20 104 104 92 96 108
Labour Costs (points) 94.20 107 106 90 95 117
Wages (SGD/Month) 5474.00 6100 6190 6190 6200 6320
Population (Million) 5.70 5.78 5.82 5.82 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) -19.30 20 15 15 15 12.2

Prices Actual Q4 Q1 Q2 Q3 2022
Inflation Rate (%) 2.40 1.8 1.1 1.5 1.3 1.5
Inflation Rate Mom (%) 0.50 0.3 0.2 0.2 0.4 0.5
Consumer Price Index CPI (points) 102.20 102 102 103 104 104
Core Consumer Prices (points) 100.80 101 102 102 102 103
Core Inflation Rate (%) 1.10 1.2 0.8 0.7 1 1.2
Producer Prices (points) 100.03 96.6 99.83 105 103 99.02
Export Prices (points) 104.50 104 100 98 96 90
Import Prices (points) 103.90 110 106 105 102 100
Food Inflation (%) 1.50 1.5 1.6 1.6 1.4 1.7
Producer Prices Change (%) 17.00 9.5 5.5 3.5 3 2.5
CPI Housing Utilities (points) 102.00 102 102 103 103 104
CPI Transportation (points) 107.20 108 108 108 108 109

Money Actual Q4 Q1 Q2 Q3 2022
Interest Rate (%) 0.07 0.4 0.5 0.6 0.65 0.7
Interbank Rate (%) 0.43 0.77 0.87 0.97 1.02 1.07
Money Supply M2 (SGD Million) 717310.60 710000 710000 720000 725000 720000
Foreign Exchange Reserves (SGD Million) 565804.20 583966 609520 599520 580000 600000
Banks Balance Sheet (SGD Million) 3019463.40 3070000 3100000 3080000 3050000 3010000
Loans to Private Sector (SGD Million) 790124.40 709266 715420 721521 813828 724161
Deposit Interest Rate (%) 0.12 0.2 0.3 0.4 0.5 0.55
Central Bank Balance Sheet (SGD Million) 578760.00 594248 600870 612870 610000 620733

Trade Actual Q4 Q1 Q2 Q3 2022
Balance of Trade (Million SGD) 4999.88 5400 7500 10000 11000 8400
Current Account (SGD Million) 25642.00 17500 16000 16000 16000 24000
Current Account to GDP (% of GDP) 17.60 14.5 14 14 14 14
Imports (Million SGD) 45425.25 44500 43500 43000 41000 41500
Exports (Million SGD) 50425.13 49900 51000 53000 52000 49900
External Debt (SGD Million) 2245570.70 2220000 2120000 2020000 2020000 2000000
Capital Flows (SGD Million) 5086.10 14000 13000 13000 13000 21500
Tourist Arrivals 18994.00 40000 100000 150000 160000 20000
Foreign Direct Investment (SGD Million) 41342.00 40700 42000 38000 36000 37700
Exports of Non-oil Domestic Exports Of (%) 1.20 6.5 7.8 5 4 3.5
Domestic Exports of Non Oil (nodx) (%yoy) (%) 12.30 2.8 1.8 3.8 5 7.79

Government Actual Q4 Q1 Q2 Q3 2022
Government Debt to GDP (% of GDP) 131.00 140 142 142 142 142
Government Budget (% of GDP) -13.90 -2.5 -2.5 -2.5 -2.5 -2.5
Government Spending (SGD Million) 14540.10 13300 12400 12000 12000 13000
Government Revenues (SGD Million) 9466.20 7000 7200 8000 6300 7500
Fiscal Expenditure (SGD Million) 7241.40 7500 25000 25000 5800 7500
Government Debt (SGD Million) 744302.00 760000 775000 780000 785000 800000

Taxes Actual Q4 Q1 Q2 Q3 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 Q4 Q1 Q2 Q3 2022
Business Confidence (points) 20.00 10 8 15 12 4
Manufacturing PMI (points) 50.80 50.4 51 50.4 51 50.7
Industrial Production (%) 11.20 -2 -2 5 6 6
Industrial Production Mom (%) 5.70 1.6 1.6 1.6 1.6 1.6
Changes in Inventories (SGD Million) 834.50 800 1000 1500 2000 1920
Bankruptcies (Companies) 94.00 90 80 70 70 80
Car Registrations 5821.00 5800 6000 8000 8000 9500
Leading Economic Index (points) 111.90 110 106 106 110 115
Composite PMI (points) 53.80 53 55 53 50 53

Consumer Actual Q4 Q1 Q2 Q3 2022
Retail Sales MoM (%) -0.60 1.5 2 1.8 1 -0.5
Retail Sales YoY (%) -2.80 3.5 2 -5 5 3
Consumer Spending (SGD Million) 39167.60 41531 41810 40147 40343 42404
Private Sector Credit (SGD Million) 594619.70 600931 619000 619000 630000 638166
Bank Lending Rate (%) 5.25 5.37 5.43 5.53 5.63 5.68
Households Debt To GDP (% of GDP) 56.00 59 59 59 59 59
Gasoline Prices (USD/Liter) 1.82 1.73 1.64 1.56 1.48 1.41

Housing Actual Q4 Q1 Q2 Q3 2022
Housing Index (points) 165.30 166 168 168 170 172
Home Ownership Rate (%) 90.40 91.7 91.7 91.7 91.7 91.7
New Home Sales (Units) 1262.00 600 900 12000 12000 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.