AEIR 2021

GDP growth decelerated to 0.7% in 2019 (the lowest in 10 years) from 3.4% in 2018. Weaker global demand and trade tensions between the United States and People’s Republic of China crimped exports, which contracted by 1.6%. On the demand side, private consumption moderated to 3.7%, government consumption growth edged down to 2.8%, and the contraction in domestic fixed investment slowed to 0.2%. In April 2018, the Monetary Authority of Singapore allowed the Singapore dollar to appreciate in nominal effective terms against the US dollar. The trade surplus expanded to 26.3% of GDP on strong services exports. With the impact of COVID-19—travel and supply chain disruptions—economic growth is expected to slow to 0.2% in 2020. With a sufficient fiscal buffer, fiscal policy will remain expansionary, with growth expected to improve to 2.0% in 2021.

Source: Asian Development Outlook 2020, ADB
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 2.0 (Feb21)2.0 3.0
Broad Money Growth 2 10.9 (Jan21)10.9 12.8
Headline Inflation Rate 3 0.2 (Jan21)0.0 0.8
Industrial/ Manufacturing Production Growth Rate 3 8.6 (Jan21)16.2 3.7
Merchandise Export Growth 3 3.1 (Jan21)3.1 4.5
Exchange Rate Index 4 81.4 (Feb21)81.4 81.3
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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