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☆ Singapore trims 2023 economic growth to 1.1% as manufacturing sector contracts
▼ + stars: | 2024-02-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

SINGAPORE — Singapore lowered its full-year growth for 2023, as official data on Thursday showed the economy grew 1.1% last year compared to an earlier estimate of 1.2%. Growth in 2023 was largely driven by "other services industries" which grew by 3.9% year-on-year. Information and communications, as well as transportation and storage sectors also drove growth,"All sectors except for the manufacturing sector recorded full-year expansions," the Ministry of Trade and Industry reported. Last year, the manufacturing sector — a key driver of the economy — contracted by 4.3%, reversing from the 2.7% growth in 2022. The construction sector grew by 5.2%, an improvement from the 4.6% expansion in 2022.

Organizations: Singapore Central Business District, ArtScience Museum, Ministry of Trade, Industry Locations: Sands, Marina Bay, Singapore, SINGAPORE — Singapore

☆ Singapore expects economy to grow 1% to 3% next year, narrows 2023 outlook
▼ + stars: | 2023-11-22 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

Economists polled by Reuters had expected GDP growth of 0.7%, the same as advance estimates by the government. On a quarter-on-quarter, seasonally-adjusted basis, GDP grew 1.4%, sharply higher than the 0.1% increase seen in the previous quarter. Following the results, MTI revised its Singapore GDP growth outlook for 2023 to "around 1%," from 0.5% to 1.5% forecast earlier. An ongoing recovery in air travel and tourism is likely to support Singapore's aviation- and tourism-related sectors such as air transport and accommodation. Resilient labor market conditions will also continue to support consumer-facing sectors including retail trade, and food and beverages.

Persons: MTI Organizations: Ministry of Trade, Industry, Reuters, Survey, Singapore Locations: Singapore, U.S

☆ Singapore policy review shift is sign of times
▼ + stars: | 2023-10-13 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

The logo of the Monetary Authority of Singapore (MAS) is pictured at its building in Singapore in this February 21, 2013 file photo. The city-state’s central bank unexpectedly announced on Friday that it would shift to quarterly meetings to assess monetary settings from 2024, switching from biannual reviews. Even though it took local economists by surprise, Singapore’s decision to introduce more frequent monetary policy reviews looked inevitable. Singapore’s unique monetary policy arrangements, and its trade-based economy, made it increasingly hard to use a too-rigid setup. The announcement came after the MAS kept its monetary policy settings unchanged, as expected, and pointed to both upside and downside risks to inflation.

Persons: Edgar Su, Chia Der, it’s, Chia, Lisa Jucca, Thomas Shum Organizations: Monetary Authority of Singapore, Rights, Reuters, Monetary Authority of, Swiss National Bank, People’s Bank of, Singapore, MAS, Ministry of Trade, Industry, Thomson Locations: Singapore, Rights SINGAPORE, Monetary Authority of Singapore, People’s Bank of China, China, United States, Ukraine, Israel

☆ Singapore downgrades GDP outlook, avoids recession
▼ + stars: | 2023-08-11 | by ( Chen Lin | ) www.reuters.com time to read: +3 min

Goss domestic product (GDP) expanded a seasonally-adjusted 0.1% quarter-on-quarter in April to June, slower than 0.3% growth seen in the government's advance estimate. Manufacturing will remain weak, dampened by a protracted downturn in electronics, while finance and insurance sectors will likely be subdued, MTI said. The ministry narrowed its GDP growth forecast to 0.5% to 1.5% this year from 0.5% to 2.5% previously. Analysts are expecting no change to monetary policy at MAS's October meeting, despite cooling momentum. MAS left its policy settings unchanged in April, after tightening five times in a row since October 2021, reflecting concerns over the city-state's growth outlook.

Persons: Feline, Goss, MTI, Yong Yik Wei, Brian Tan, Chen Lin, Tom Westbrook, Kanupriya Kapoor, Jacqueline Wong Organizations: Port, REUTERS, MAS, Ministry of Trade and Industry, The Straits Times, Monetary Authority, Singapore's, Barclays, Thomson Locations: Port of Singapore, MTI, SINGAPORE, Singapore, Asia

☆ Singapore Q2 GDP grows 0.1% q/q, lower than first estimated
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: 1 min

Container cranes are pictured at the Port of Singapore, June 10, 2018. REUTERS/Feline Lim/File PhotoSINGAPORE, Aug 11 (Reuters) - Singapore's economy expanded less than initially estimated in the second quarter, official data showed on Friday. Gross domestic product (GDP) grew a seasonally adjusted 0.1% quarter-on-quarter in April to June, the Ministry of Trade and Industry said, lower than the 0.3% growth seen in the government's advance estimate. On an annual basis, the economy expanded 0.5%, compared with the government's advance estimate of 0.7% and first quarter growth of 0.4%. Reporting by Chen Lin; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Persons: Feline, Chen Lin, Kanupriya Kapoor Organizations: Port, REUTERS, Gross, Ministry of Trade, Industry, Thomson Locations: Port of Singapore, SINGAPORE

☆ Singapore narrows 2023 growth forecast on 'weak' external demand
▼ + stars: | 2023-08-11 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

A general view of the Central Business District and the Merlion, illuminated with a projection during the iLight Marina Bay on March 29, 2018 in Singapore. Singapore narrowed its economic growth forecast to a range of 0.5% and 1.5% for this year, citing sluggish external demand amid a weak global economy. The growth forecast was trimmed from an earlier range estimate of 0.5% to 2.5%, said the Ministry of Trade and Industry on Friday. Gross domestic product for the April to June quarter grew 0.5% year-on-year, falling short of the government's advance estimate of 0.7% announced in July. "Singapore's external demand outlook for the rest of the year remains weak," the ministry said in a statement.

Organizations: Central Business District, Ministry of Trade, Industry, Gross Locations: Bay, Singapore

☆ Singapore dodges recession after slight growth in Q2
▼ + stars: | 2023-07-14 | by ( Chen Lin | ) www.reuters.com time to read: +3 min

Four economists with quarterly estimates had forecast growth of 0.3% in a Reuters poll. She said that while Singapore had escaped a technical recession for now, there was a possibility that final GDP figures for the second quarter could be revised lower due to recent signs of softening growth in China. On an annual basis, the economy expanded 0.7% in the second quarter, data from the Ministry of Trade and Industry showed. That compared with 0.4% growth in the prior quarter and a 0.6% expansion forecast in a Reuters poll. The ministry has projected GDP growth of 0.5% to 2.5% for this year down from 3.6% in 2022.

Persons: Selena Ling, Brian Tan, Tan, Chen Lin, Tom Westbrook, Martin Petty, Jacqueline Wong Organizations: SINGAPORE, Ministry of Trade, Industry, Barclays, Capital Economics, Singapore, U.S ., Monetary Authority of, Thomson Locations: Singapore, China, Monetary Authority of Singapore

☆ Singapore's economy grows slightly in Q2, averts recession
▼ + stars: | 2023-07-14 | by ( Chen Lin | ) www.reuters.com time to read: +1 min

SINGAPORE, July 14 (Reuters) - Singapore's economy narrowly escaped a technical recession after posting modest growth in the April to June period, preliminary government data showed on Friday, as global demand weakened and China's slowdown dragged on trade. The economy grew a seasonally adjusted 0.3% quarter-on-quarter, following a 0.4% contraction in the first quarter. Four economists with quarterly estimates had forecast growth of 0.3% in a Reuters poll. On an annual basis, the economy expanded 0.7% in the second quarter, Ministry of Trade and Industry advanced estimates showed. That compared with 0.4% growth in the prior quarter and a 0.6% expansion forecast in a Reuters poll.

Persons: Chen Lin, Martin Petty Organizations: Ministry of Trade, Industry, Monetary Authority of, Thomson Locations: SINGAPORE, Monetary Authority of Singapore

☆ Singapore unexpectedly leaves monetary policy unchanged as risks grow
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +3 min

SINGAPORE, April 14 (Reuters) - Singapore's central bank on Friday left its monetary policy settings unchanged, reflecting the city-state's concerns about its growth outlook and surprising economists who had expected another round of tightening. It was the first time the Monetary Authority of Singapore (MAS) has left policy unchanged since April 2021. MAS had from October 2021 tightened monetary policy five times in a row, including in two off-cycle tightening moves last year in January and July. The MAS said in a statement that its previous tightening moves were "still working through the economy and should dampen inflation further". Alex Holmes, senior economist at Oxford Economics, said he does not expect any unwinding of recent tightening moves until late 2024.

☆ Singapore downgrades Q4 GDP, keeps 2023 forecast
▼ + stars: | 2023-02-13 | by ( Chen Lin | ) www.reuters.com time to read: +3 min

Analysts said that some services industries will fare better this year amid China's reopening, while manufacturing, especially electronics, is likely to weigh on growth in the short-term. The current central bank monetary policy stance remains appropriate, said Edward Robinson, Deputy Managing Director at the Monetary Authority of Singapore said. "Looks like the window remains open for a tightening if core inflation remains very sticky on the downside," she added. Since April last year, Singapore had lifted most of its COVID-19 restrictions with many international events returning to the city-state, attracting tourists and businesses. Reporting by Chen Lin in Singapore; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Singapore downgrades fourth-quarter GDP, keeps 2023 forecast
▼ + stars: | 2023-02-13 | by ( ) www.cnbc.com time to read: +1 min

A cyclist rides before the city skyline at Marina Bay in Singapore. Singapore's economy grew slightly less than initially estimated in the fourth quarter from a year ago, official data showed on Monday, and the government kept its forecast for annual growth to come in at 0.5% - 2.5% this year. "Singapore's external demand outlook for 2023 has improved slightly. Gross domestic product (GDP) grew 2.1% year-on-year in the fourth quarter, the Ministry of Trade and Industry (MTI) said, slightly lower than the 2.2% growth in the government's advance estimate due to slightly weaker construction and service sector growth. For the full year, GDP grew 3.6% versus an initial 3.8% estimate.

Yet the small companies that provide most of Japan's jobs generally can't increase pay, business owners, economists and officials say. Battered by the pandemic, small firms now struggle to pass on higher costs out of fear of losing customers. They feel they have no choice but to put up with impossible demands from big companies." The trend is most apparent in industries with many small suppliers. The fair trade watchdog last month named 13 big companies it said refused to accept higher prices from suppliers.

☆ Singapore Q4 GDP expands 2.2% y/y, beating forecasts
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: 1 min

SINGAPORE, Jan 3 (Reuters) - Singapore's economy grew slightly more than expected in the fourth quarter from a year earlier, preliminary data showed on Tuesday. Gross domestic product (GDP) expanded 2.2% in October-December on a year-on-year basis, the Ministry of Trade and Industry said in a statement. GDP grew 0.2% on a quarter-on-quarter seasonally adjusted basis in October-December. For the full year of 2022, the economy grew 3.8%. Reporting by Chen Lin; Polling by Devayani Sathyan and Dhruvi Shah; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Singapore projects GDP growth to ease in 2023 amid global slowdown
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 23 (Reuters) - Singapore on Wednesday forecast its economic growth would slow to between 0.5% and 2.5% in 2023 from about 3.5% this year amid global economic pressures that would hit demand for the city-state's outward-oriented industries like trade and finance. The ministry said gross domestic product (GDP) grew 4.1% year-on-year in the third quarter, below the 4.4% growth seen in the government's advance estimate. He said in 2023, GDP growth in most major global economies was expected to moderate further. Growth in the trade, finance and insurance sectors is expected to be hit by a slowdown in other major economies, Lim said of Singapore's 2023 outlook. Reporting by Chen Lin in Singapore; Editing by Jamie Freed and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Singapore central bank tightens policy, Q3 GDP tops forecast
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +3 min

The Monetary Authority of Singapore (MAS), at a scheduled policy meeting, said it will re-centre the mid-point of the exchange rate policy band known as the Nominal Effective Exchange Rate, or S$NEER. The Singapore dollar was up about 0.3% to S$1.1429 per U.S. dollar after the policy decision. The MAS manages monetary policy through exchange rate settings, rather than interest rates, as trade flows dwarf its economy. The core inflation rate — the central bank's favoured price measure - rose to 5.1% in August on a year-on-year basis. "Q3 GDP obviously benefitted from domestic and border restrictions being eased," said Song Seng Wun, an economist at CIMB Private Banking.

Singapore's GDP for the third quarter beat estimates, and its central bank tightened policy as expected. Singapore's economy grew more than expected in the third quarter from the same period last year, according to advance estimates released by the government on Friday. Separately, the country's central bank tightened monetary policy for the fifth time in the past year, in line with expectations. The Southeast Asian country avoided a technical recession, with quarterly GDP growth coming in a 1.5% on a seasonally adjusted basis, after a 0.2% contraction in the second quarter from the first quarter. The Ministry of Trade and Industry in August narrowed Singapore's GDP forecast for 2022 to 3% to 4%, compared to an its previous forecast of 3% to 5%.

☆ Tightening in focus as Singapore Aug inflation stays elevated
▼ + stars: | 2022-09-23 | by ( Chen Lin | ) www.reuters.com time to read: +2 min

The core inflation rate — the central bank's favoured price measure - rose to 5.1% in August on a year-on-year basis. Register now for FREE unlimited access to Reuters.com RegisterHeadline inflation rose to 7.5%, beating economists' forecast of 7.2%. Singapore's central bank has tightened its monetary policy three times this year, twice in surprise moves in January and July. It typically publishes two scheduled monetary policy statements a year, in April and October. The MAS' core inflation forecast for this year is between 3% and 4%, while headline inflation is expected to be between 5% and 6%.

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