This subdued external economic environment will continue to pose a drag on several of Singapore’s outward-oriented sectors such as transportation and storage, and wholesale trade. View Document Forecasting Singapore GDP Using SPF Data (395.3 KB) By Tian Xie and Jun Yu This study was published as Special Feature C in the October 2020 Macroeconomic Review. Singapore: Economic contraction slows in Q3. Have a confidential tip for our reporters? 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. “The improved performance of the Singapore economy in the third quarter came on the back of the phased re-opening of the economy following the Circuit Breaker that was implemented between 7 April and 1 June 2020,” MTI’s statement read. The nominal GDP of an area is determined using up-to-date market prices and shifts according to inflation. The trade and industry ministry revised its full-year forecast for Singapore to register an economic contraction of between 5% and 7% in 2020. Mr Chan also stated that the Government has rolled out the support measures over the last few months to cushion the impact of COVID-19. “Notwithstanding the narrowing of the forecast range, there continues to be significant uncertainty over how the COVID-19 situation will evolve in the coming quarters, and correspondingly, the trajectory of the economic recovery in both the global and domestic economies,” it added. Economic Performance in Second Quarter 2020 The Singapore economy contracted by … On a quarter-on-quarter seasonally-adjusted basis, the services producing industries expanded by 6.8 per cent, a reversal from the 11.2 per cent decline seen in the second quarter. With the latest GDP print, Singapore’s economy fell by 6.9… Though there have been signs of a substantial pickup in activity in 3Q, we don’t expect a return to positive growth until 1Q 2021. That's a reversal from the 13.2% contraction in the second quarter. However, this is an improvement from the 13.3 per cent contraction in the second quarter, the Ministry said on Wednesday (14 October). However, this is an improvement from the 13.3 per cent contraction in the second quarter, the Ministry said on Wednesday […] On a quarter-on-quarter basis, the economy shrunk by 13.1 per cent in the second quarter of 2020, due to the circuit breaker measures as well as weak external demand amidst a global economic downturn caused by the COVID-19 pandemic. A plunge in global trade has hit the export-reliant manufacturing industry, while retailers saw a record decline in sales after partial lockdown measures were imposed last quarter. The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors both rose in September, pushing further into expansionary territory as they continued to recover after falling to the lowest levels in over a decade in April due to the coronavirus pandemic. MTI said the fall in second-quarter GDP was due to the “circuit breaker” measures implemented from Apr 7 to Jun 1 in a bid to curb the spread of COVID-19 in Singapore, as well as weak external demand amidst a global economic downturn caused by the pandemic. On a quarter-on-quarter seasonally adjusted annualised basis, the economy shrank 42.9 per cent, also larger than the 41.2 per cent contraction in the initial estimates and the 3.1 per cent fall in the first quarter. The earlier projection made in May was for the economy to shrink between 4 and 7 per cent. s�Pǯ~� KAַMXN�≕a1��'��J_k�۠?%�"I �- I!.Q��,�ٽ@�I��S�Q%��|W�@���t�vqٴ��tb�3�� @p� o����;ư�ˆ~����z8G�����gF 튕'utM�Әa�� endstream endobj 98 0 obj <>stream Singapore’s economic freedom score is 89.4, making it the world’s freest economy in the 2020 Index. Never miss out on our latest data, analysis and industry events. Mediacorp Pte Ltd. All rights reserved. For instance, MTI said the outlook for the electronics and precision engineering clusters has improved with stronger-than-expected demand for semiconductors and semiconductor equipment likely to be sustained in the second half of 2020. © 2020 CNBC LLC. The MAS explained its latest policy decision on Wednesday, and said that while the Singapore economy is recovering, sequential growth is expected to slow in the final quarter of 2020 and remain modest next year. }�hi:v�1�h0+�rm�r�nhaȀv��{�~����[B�: The statement also revealed that manufacturing sector grew by 2.0 per cent on a year-on-year basis in the third quarter, a reversal from the 0.8 per cent contraction in the previous quarter. LinkedIn While on a quarter-on-quarter seasonally-adjusted basis, the manufacturing sector expanded by 3.9 per cent, a turnaround from the 9.1 per cent contraction in the second quarter. 95 0 obj <>stream In view of the reopening phase of economy, consumer-facing sectors such as retail and food services saw an improvement in performance, however, MTI noted that the sectors remained in contraction, “with sales volumes coming in below year-ago levels due to weak consumer confidence and capacity constraints resulting from safe distancing measures.”. Twitter By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. The outlook for Q4 and into 2021 remains uncertain: The phased reopening of the economy and the current low rates of infection domestically are likely to support activity going forward. “In particular, aviation- and tourism-related sectors are expected to see a protracted downturn due to travel restrictions and sluggish travel demand, even as sectors such as manufacturing, information & communications and finance & insurance continue to post steady growth,” Mr Chan wrote. Would love your thoughts, please comment. Given the uncertainties ahead, the expectation is for the labour market to remain soft for the upcoming quarters, said Mr Kenny Tan, divisional director of manpower planning and policy division at the Ministry of Manpower (MOM). October 14, 2020. About “Given significant front-loading of fiscal and monetary policy, there is a relatively high bar for additional stimulus from here,” said Selena Ling, head of treasury research and strategy at Oversea-Chinese Banking Corp. She expects the economy will contract 5.5% for the full year. MTI said many of Singapore’s key final demand markets are seeing worse-than-projected economic disruptions in the second quarter. Nominal GDP is useful for large-scope GDP comparison, either for a country or region or on an international scale. However, there are still several areas of strength in the Singapore economy. Earlier it was reported that the trade-reliant economy reduced by 13.2 per cent in the second quarter of this year, as compared to the same period last year. The construction sector grew by 38.7 per cent on a quarter-on-quarter seasonally-adjusted basis, a rebound from the sharp contraction of 59.4 per cent recorded in the second quarter. Based on the advance estimates from Ministry of Trade and Industry (MTI) for the third quarter of 2020, Singapore’s gross domestic product (GDP) contracted by 7 per cent compared to the same quarter last year. . Singapore gdp growth rate for 2019 was 0.73%, a 2.7% decline from 2018. Download our app or subscribe to our Telegram channel for the latest updates on the coronavirus outbreak: https://cna.asia/telegram. The Monetary Authority of Singapore (MAS) left its monetary policy unchanged at the level set in its previous meeting on 30 March. Google+, © Copyright: 2020. E�Lz��&�)I�C�!�. 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That slightly missed the 6.8% year-over-year contraction forecast by a Reuters poll of analysts, and was slower than the revised 13.3% year-on-year decline in the previous quarter. Economic contraction slows in Q3, Activity shrank at a markedly slower pace in the third quarter according to an advanced estimate, after contracting at the sharpest rate in over three decades in the second quarter. GDP in Singapore is expected to reach 340.00 USD Billion by the end of 2020, according to Trading Economics global macro models and analysts expectations. Singapore GDP Q3 2020. Please enter your username or email address to reset your password. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.
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