Asia Regional Integration Center
Tracking Asian Integration
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.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Composite Stock Price Index 1 | 2.0 (Jan21) | 2.0 | 3.0 |
Broad Money Growth 2 | 12.8 (Dec20) | 12.8 | 12.2 |
Headline Inflation Rate 3 | 0.0 (Dec20) | -0.2 | 0.8 |
Industrial/ Manufacturing Production Growth Rate 3 | 14.3 (Dec20) | 18.7 | -3.7 |
Merchandise Export Growth 3 | 4.5 (Dec20) | 4.5 | -4.4 |
Exchange Rate Index 4 | 81.3 (Jan21) | 81.7 | 82.8 |
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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