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.
|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.|
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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