AEIR 2021

Real output fell by 5.4% in 2020 due to the pandemic. Construction plummeted by 35.9% and services dropped by 6.9%. Manufacturing, however, grew by 7.3%. Domestic demand contracted by 10.7% as private consumption and investment fell in double digits. Headline and core inflation deflated by 0.2% in 2020. With a 6.7% drop in export and 7.7% contraction in import values, the trade surplus widened to 27.5% of GDP. Gross international reserves increased grew to $362.3 billion, covering about 9 months of imports. The government spent nearly $100 billion for households and businesses impacted the pandemic, increasing government spending by 63.2%. With lower tax receipts, the budget deficit swelled to about 13.8% of GDP in fiscal year 2020 (FY2020, ending 31 March 2021). Economic growth is forecast to recover to 6.0% in 2021 and 4.1% in 2022.

Source: Asian Development Outlook 2021.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 3.0 (Jul21)3.0 2.0
Broad Money Growth 2 5.9 (Jun21)5.9 6.8
Headline Inflation Rate 3 2.5 (Jul21)2.4 -0.4
Industrial/ Manufacturing Production Growth Rate 3 16.3 (Jul21)28.0 -7.1
Merchandise Export Growth 3 19.0 (Jul21)19.0 27.8
Exchange Rate Index 4 83.0 (Aug21)83.1 83.9
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database; Singapore Economic Development Board; International Entreprise Singapore.

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