Thursday November 24 2016
Singapore Annual GDP Growth Revised Up to 1.1% in Q3
Statistics Singapore l Joana Taborda | joana.taborda@tradingeconomics.com

The Singaporean economy advanced 1.1 percent year-on-year in the third quarter of 2016, lower than a 2 percent expansion in the previous period but above preliminary estimates of a 0.6 percent growth. Figures came better than market expectations of a 1 percent expansion as the manufacturing sector increased and services were flat while construction increased less than anticipated.

Year-on-year, the manufacturing sector expanded by 1.3 percent, better than a 1.1 percent contraction in the preliminary estimates but slightly below 1.4 percent in the previous period. Higher external demand for semiconductors boosted the electronics and precision engineering sector. The services sector was flat, compared to a 0.1 percent decline in the preliminary estimates and following a 1.2 percent rise in the previous period. The construction sector rose at a slower 1.6 percent (2.5 percent in the preliminary estimates) and below 2 percent in the previous quarter.
 
On a quarter-on-quarter seasonally-adjusted annualized basis, the economy contracted at a slower 2 percent (-4.1 percent in the preliminary esimates), following a downwardly revised 0.1 percent expansion in the June quarter. Markets were expecting a 2.5 percent contraction.
 
For the rest of the year, the GDP is expected to remain modest. Government forecasts for this year were lowered to 1-1.5 percent from 1-2 percent. For 2017, the economy is expected to expand between 1 and 3 percent. 




Wednesday November 23 2016
Singapore CPI Drops the Least in 2 Years
Statistics Singapore l Rida Husna | rida@tradingeconomics.com

Singapore consumer prices declined by 0.1 percent year-on-year in October of 2016, compared to a 0.2 percent drop in September while market expected a flat reading. It was the 24th straight month of decrease and the smallest fall in two years, as cost of housing & utilities and transport dropped at a slower pace while prices of food eased.

Year-on-year, downward prices pressure came from: clothing & footwear (-0.2 percent from-1.2 percent in September), housing & utilities (-3.8 percent from -4.3 percent, largely due to a 3.8 percent drop in fuel & utilities and a 3.8 percent fall in accommodation) and transport (-0.2 percent from -0.5 percent, mainly due to a 0.8 percent fall in other travel & transport and a 0.7 percent drop in public road transport), communication (-0.3 percent from +0.2 percent) and miscellaneous goods & services (-0.4 percent from -0.3 percent, due to a 1.1 percent decline in personal care and a 0.7 percent fall in other miscellaneous expenditure)In contrast, upward prices pressure came from household durables & services (+3.2 percent from +3.1 percent, due to a 0.5 percent rise in household durables and a 4.8 percent increase in household services & supplies), health care (+0.9 percent from +0.6 percent,  mainly due to a 1.3 percent rise in medical & dental treatment), recreation & culture (+1.0 percent from +1.2 percent, largely due to a 6.0 percent increase in newspapers, book & stationery, a 1.7  percent in holiday expenses), education (+3.2 percent from +3.3 percent, due to a 3.2 percent rise in tuition & other fees and a 0.3 percent increase in school textbooks & related study guides).

Prices of food rose 1.9 percent in October, slowing from a 2.2 percent growth in a month earlier. Among food, cost of food excluding food servicing services increased by 2.1 percent, following a 2.7 percent rise in the preceding month while food servicing services rose 1.7 percent, compared to a 1.9 percent rise in a month earlier. Among food excluding food servicing services, cost increased for bread & cereals (+1.6 percent), meat (+2.2 percent); fish & seafood (+5.6 percent); milk, cheese & eggs (+1.0 percent), fruits (+1.7 percent), vegetables (+3.0 percent), non-alcoholic beverages (+1.7 percent) and other food (+2.2 percent). In contrast, prices declined  for oils & fats (-2.5 percent). Among food servicing services, prices increased for all categories: restaurant foods (+1.7 percent), fast food (+2.4 percent), hawker food including food courts (+1.7 percent) and catered food (+1.3 percent).

Core inflation, which excludes costs of accommodation and private road transport, rose 1.1 percent year-on-year, following a 0.9 percent gain in September but below consensus of a 1.2 percent increase. It was the highest figure since June.

On a month-on-month basis, consumer prices declined by 0.3 percent, after remaining unchanged in the prior month. It was the first drop since July, as cost fell for: housing & utilities (-1.7 percent) and miscellaneous goods & services (-0.2 percent). In contrast, cost went up for: clothing & footwear (+0.5 percent), household durables & services (+0.1 percent), health care (+0.4 percent), transport (+0.4 percent), communication (+0.6 percent), recreation & culture (+0.1 percent) and education (+0.1 percent). Prices remained unchanged for food.




Thursday October 27 2016
Singapore Jobless Rate Steady at 2.1% in Q3
Ministry of Manpower l Rida Husna | rida@tradingeconomics.com

Singapore’s seasonally adjusted jobless rate stood at 2.1 percent in the third quarter of 2016, unchanged from the previous quarter, preliminary estimates showed.

In the September quarter, the jobless rate remained broadly similar for resident (2.9 percent from 3.0 percent in the three months to June) and citizens (3.0 percent from 3.1 percent). 

Some 4,100 workers were made redundant, down from 4,800 in the preceding quarter but higher than 3,460 a year ago, amid subdued global conditions and internal economic restructuring. Over the quarter, layoffs s fell in services and manufacturing, while it increased in construction. Services continued to form the bulk of redundancies (59 percent), followed by manufacturing (27 percent) and construction (15 percent).

Total employment is estimated to have contracted by 3,300 in the three months to September 2016, following a slower growth in the previous two quarters. It was the second contraction since 2008/2009 recession and the weakest quarterly result since the March quarter 2015. Employment declined in manufacturing (-3,700) for the eighth consecutive quarter. It also turned negative in construction (-5,200), after four quarters of moderated growth. Employment growth in services (5,700) was slower than in the previous quarter (7,600).




Monday October 24 2016
Singapore CPI Falls the Least in 21 Months in September
Statistic of Singapore l Chusnul Ch Manan | chusnul@tradingeconomics.com

Singapore consumer prices declined by 0.2 percent year-on-year in September of 2016, compared to a 0.3 percent drop in August and in line with market expectations. It was the 23rd straight month of decrease but the smallest fall since December 2014, as cost of housing & utilities and transport dropped further while prices of food rose at a faster pace.

Year-on-year, downward prices pressure came from: clothing & footwear (-1.2 percent from-1.9 percent in August), housing & utilities (-4.3 percent from -4.3 percent, largely due to a 8.9 percent drop in fuel & utilities and a 3.7 percent fall in accommodation) and transport (-0.5 percent from -0.7 percent, mainly due to a 0.4 percent decline in private road transport, a 1.6 percent fall in other travel & transport and a 0.7 percent drop public road transport) and miscellaneous goods & services (-0.3 percent from +0.1 percent, due to a 0.4 percent rise in alcoholic drinks and tobacco and a 0.4 percent rise in personal effects. In contrast, upward prices pressure came from household durables & services (+3.1 percent from +3.2 percent, due to a 0.3 percent rise in household durables and a 4.8 percent increase in household services & supplies), health care (+0.6 percent from +0.8 percent,  due to a 0.8 percent rise in medical & dental treatment and a 0.9 percent gain in medical products, appliances & equipment), communication (+0.2 percent from +1.1 percent, recreation & culture (+1.2 percent from +1.0 percent, due to a 5.9 percent increase in newspapers, book & stationery, a 1.6  percent in holiday expenses and a 0.2 percent rise in recreation & entertainment), education (+3.3 percent from +3.4 percent, due to a 3.3 percent rise in tuition & other fees and a 0.3 percent increase in school textbooks & related study guides) .
 
Prices of food rose 2.2 percent in September increasing from a 2.0 percent growth in a month earlier. Among food, cost of food excluding food servicing services increased by 2.7 percent, following a 2.3 percent rise in the preceding month while food servicing services rose 1.9 percent, the same with  August. Among food excluding food servicing services, cost increased for bread & cereals (+2.3 percent), meat (+3.2 percent); fish & seafood (+4.5 percent); fruits (+1.8 percent); milk, cheese & eggs (+1.7 percent), vegetables (+4.4 percent), non-alcoholic beverages (+0.1 percent) and other food (+3.3 percent). In contrast, prices declined  for oils & fats (-2.5 percent). Among food servicing services, prices increased for all categories: restaurant foods (+1.9 percent), fast food (+2.4 percent), hawker food including food courts (+1.8 percent) and catered food (+0.8 percent).
 
Core inflation, which excludes costs of accommodation and private road transport, rose 0.9 percent year-on-year, following a 1 percent  in a month earlier and slightly below market consensus of a 1 percent increase.
 
On a month-on-month basis, consumer prices remained unchanged, following a 0.5 percent rise in the previous month. Cost went up for: clothing & footwear (+1.6 percent), transport (+0.1 percent), household durables & services (+0.4 percent) and recreation & culture (+0.2 percent), and food (+0.3 percent).  In contrast prices fell for : housing & utilities (-0.3 percent), health care (-0.1 percent), communication (-0.9 percent), education (-0.1 percent) and miscellaneous goods & services (-0.6 percent).
 
 
 
 


Friday October 14 2016
Singapore GDP Growth Weakest in Over 7 Years
Statistics Singapore l Rida Husna | rida@tradingeconomics.com

The Singapore's economy expanded 0.6 percent year-on-year in the September quarter of 2016, compared to a downwardly revised 2.0 percent growth in the previous quarter and missing market consensus of a 1.7 percent expansion, preliminary estimates showed. It was the weakest growth since the June quarter 2009, as manufacturing and services sectors shrank while construction slowed.

Year-on-year, the manufacturing sector contracted by 1.1 percent, following a 1.4 percent expansion in the previous three months. The sector was primarily weighed down by a decline in the output of transport engineering, biomedical manufacturing and general manufacturing clusters.

The services producing industries shrank 0.1 percent, compared to a 1.2 percent growth in the June quarter, largely due to the wholesale & retail trade segment.

Growth in the construction sector came in at 2.5 percent, compared to a 2.6 percent increase in the second quarter. The slowdown was due to a sharper decline in private sector construction activities.

On a quarter-on-quarter seasonally-adjusted annualized basis, the economy unexpectedly contracted by 4.1 percent, following a downwardly revised 0.2 percent expansion in the June quarter while market expected a 0.3 percent growth. It was the first contraction since the second quarter 2015 and the sharpest since the September quarter 2012. A decline was seen in the manufacturing sector (-17.4 percent from a 2.1 percent growth in the June quarter) and the services sector (-1.9 percent from a 0.9 percent contraction). In contrast, construction sector grew by 0.5 percent, following a 1.1 percent growth in the preceding quarter.

Meanwhile, against the backdrop of a less favourable external environment, Singapore’s trade-related sectors will continue to pose a drag on GDP growth in the quarters ahead, the Monetary Authority of Singapore (MAS) said on its website. Growth in the economy is projected to take a step-down in the second half of 2016 from the 2.0 percent recorded in the first half. Full-year GDP growth is likely to come in at the lower end of the 1–2 percent forecast range. Growth is expected to be only slightly higher in 2017. 



Friday September 23 2016
Singapore Deflation Eases in August
Statistics Singapore l Rida Husna | rida@tradingeconomics.com

Singapore consumer prices declined by 0.3 percent year-on-year in August of 2016, compared to a 0.7 percent drop in July while market expected a 0.4 percent fall. It was the 22nd straight month of decrease as cost of housing & utilities and transport dropped further while prices of food rose at a slower pace.

Year-on-year, downward prices pressure came from: clothing & footwear (-1.9 percent from-0.18 percent in July), housing & utilities (-4.3 percent from -4.3 percent, largely due to a 8.9 percent drop in fuel & utilities and a 3.6 percent fall in accommodation) and transport (-0.7 percent from -3.5 percent, mainly due to a 1.0 percent decline in private road transport and a 2.0 percent fall in other travel & transport). In contrast, upward prices pressure came from household durables & services (+3.2 percent from +3.2 percent, due to a 0.5 percent rise in household durables and a 4.8 percent increase in household services & supplies), health care (+0.8 percent from +0.4 percent,  due to a 0.8 percent rise in medical & dental treatment and a 0.6 percent gain in medical products, appliances & equipment), communication (+1.1 percent from +0.9 percent), recreation & culture (+1.0 percent from +1.2 percent, due to a 6.2 percent increase in newspapers, book & stationery, a 0.9 percent in holiday expenses and a 0.5 percent rise in recreation & entertainment), education (+3.4 percent from +3.6 percent, due to a 3.5 percent rise in tuition & other fees and a 0.3 percent increase in school textbooks & related study guides) and miscellaneous goods & services (+0.1 percent from +0.2 percent, due to a 1.1 percent rise in personal effects and a 0.3 percent rise in alcoholic drinks & tobacco).

Prices of food rose 2.0 percent in August, slowing from a 2.1 percent growth in a month earlier. Among food, cost of food excluding food servicing services increased by 2.3 percent, following a 2.8 percent rise in the preceding month while food servicing services rose 1.9 percent, up from 1.8 percent in July. Among food excluding food servicing services, cost increased for bread & cereals (+1.0 percent), meat (+2.7 percent); fish & seafood (+4.4 percent); fruits (+1.2 percent); milk, cheese & eggs (+1.9 percent), vegetables (+4.7 percent), non-alcoholic beverages (+0.3 percent) and other food (+2.5 percent). In contrast, prices declined by 1.7 percent for oils & fats (-2.9 percent). Among food servicing services, prices increased for all categories: restaurant foods (+2.0 percent), fast food (+3.1 percent), hawker food including food courts (+1.7 percent) and catered food (+0.8 percent).

Core inflation, which excludes costs of accommodation and private road transport, rose 1.0 percent year-on-year, the same pace as in a month earlier and market consensus of a 1.1 percent increase. 

On a month-on-month basis, consumer prices rose 0.5 percent, following a 0.3 percent decrease. Cost went up for: clothing & footwear (+0.7 percent), housing & utilities (-1.2 percent), health care (+0.4 percent), transport (+0.8 percent), communication (+0.2 percent), education (+0.5 percent) and miscellaneous goods & services (+0.2 percent). In contrast, prices fell for: household durables & services (-0.2 percent) and recreation & culture (-0.2 percent). Prices remained unchanged for food.


Thursday September 15 2016
Singapore Jobless Rate Confirmed at 2.1% in Q2
Ministry of Manpower l Rida Husna | rida@tradingeconomics.com

Singapore’s seasonally adjusted unemployment rate came in at 2.1 percent in the June quarter of 2016, up from 1.9 percent in the previous quarter. It was the highest jobless rate since the first quarter of 2014 and in line with a preliminary estimate. While job seekers outnumbered job openings for the first time since June 2012; layoffs rose, reaching the highest second quarter redundancies since 2009.

In the three months to June, citizen unemployment rose to 3.1 percent from 2.6 percent in the previous quarter and resident unemployment went up to 3.0 percent from 2.7 percent. 

Total employment grew by 4,200, lower than growth in the previous three months (13,000) and the same quarter a year ago (9,700). It was mainly driven by services (7,600), such as community, social & personal services (5,100). Employment also increased for construction (200). In contrast, a decline was seen for manufacturing (-3,400) and others (-200).

Some 4,800 workers were made redundant, up from 4,710 workers in the March quarter and a year ago (3,250). It was the highest second quarter redundancies since 2009. By sector, redundancies rose in services but declined for manufacturing and construction. The bulk of redundancies were from services (62 percent), mainly in wholesale trade (15 percent), professional services (15 percent) and financial services (11 percent). 

About 45 percent of residents made redundant in the first quarter of 2016 secured employment by June 2016, down slightly from 46.0 percent in the previous quarter and 575percent from the same period a year ago. This is the lowest since June 2009 (43 percent). Considering January to June 2016, the number of layoffs stood at 9,510. It was the highest figure since June 2009, which came in at 18,740.

Job vacancies decreased over the quarter to 49,400 from 50,000 in March, continuing the downtrend since March 2015. Coupled with an increase in unemployed persons, the seasonally adjusted ratio of job vacancies to unemployed persons declined further to 93 openings per 100 seekers in June from 103 in March. Job vacancies fell short of job seekers for the first time since June 2012, when those were at 98.


Tuesday August 23 2016
Singapore CPI Drops More than Expected in July
Statistics Singapore l Rida Husna | rida@tradingeconomics.com

Singapore consumer prices declined by 0.7 percent year-on-year in July of 2016, the same pace as in June while market estimated a 0.5 percent fall. It was the 21st straight month of decrease as cost of housing & utilities and transport dropped further while prices of food were steady.

Year-on-year, downward prices pressure came from: clothing & footwear (-1.8 percent from +0.2 percent in June), housing & utilities (-4.3 percent in from -4.2 percent, largely due to a 8.9 percent drop in fuel & utilities and a 3.6 percent fall in accommodation) and transport (-3.5 percent from -4.3 percent, due to a 4.4 percent decline in private road transport, a 1.8 percent fall in other travel & transport and a 0.8 percent drop in public road transport). In contrast, upward prices pressure came from household durables & services (+3.2 percent from +3.4 percent, due to a 0.6 percent rise in household durables and a 4.8 percent increase in household services & supplies), health care (+0.4 percent from +0.7 percent,  due to a 0.7 percent rise in medical & dental treatment and a 0.7 percent drop in medical products, appliances & equipment), communication (+0.9 percent from +0.4 percent), recreation & culture (+1.2 percent from +1.6 percent, due to a 6.3 percent increase in newspapers, book & stationery, a 1.2 percent in holiday expenses and a 0.4 percent rise in recreation & entertainment), education (+3.6 percent from +3.2 percent, due to a 3.7 percent rise in tuition & other fees and a 0.3 percent increase in school textbooks & related study guides) and miscellaneous goods & services (+0.2 percent from +0.5 percent, due to a 0.4 percent rise in personal effects and a 0.8 percent rise in personal care).

Prices of food rose 2.1 percent in July,  the same as in a month earlier. Among food, cost of food excluding food servicing services increased by 2.8 percent, following a 2.6 percent rise in the preceding month while food servicing services rose 1.8 percent, unchanged from the June figure. Among food excluding food servicing services, cost increased for bread & cereals (+1.1 percent), meat (+2.9 percent); fish & seafood (+5.2 percent); fruits (+2.9 percent); milk, cheese & eggs (+1.8 percent), vegetables (+5.5 percent); sugar, preserves & confectionery (+2.8 percent), non-alcoholic beverages (+0.1 percent) and other food (+1.6 percent). In contrast, prices declined by 2.9 percent for oils & fats (-2.9 percent). Among food servicing services, prices increased for all categories: restaurant foods (+1.7 percent), fast food (+3.0 percent), hawker food including food courts (+1.8 percent) and catered food (+0.8 percent).

Core inflation, which excludes costs of accommodation and private road transport, rose 1.0 percent year-on-year from 1.1 percent in June and in line with expectations.

On a month-on-month basis, consumer prices dropped by 0.3 percent, compared to a 0.7 percent increase in June. Cost went down for: clothing & footwear (-0.7 percent), housing & utilities (-1.3 percent), household durables & services (-0.1 percent), transport (-0.1 percent) and recration & culture (-0.5 percent). In contrast, prices rose for: food (+0.1 percent), health care (+0.3 percent) and education (+1.0 percent). Prices remained unchanged for: communication and miscellaneous goods & services.


Thursday August 11 2016
Singapore GDP Growth Revised Down to 2.1% YoY in Q2
Statistics Singapore l Rida Husna | rida@tradingeconomics.com

The Singaporean economy grew by 2.1 percent year-on-year in the second quarter of 2016, the same pace as in the previous three months but slightly lower than a preliminary estimates of a 2.2 percent growth, final figures showed. On a quarter-on-quarter seasonally-adjusted annualized basis, the economy grew by 0.3 percent, much lower than a 0.8 percent expansion estimated earlier but slightly faster than a 0.1 percent expansion in the first quarter 2016.

In the June quarter, the manufacturing sector advanced 1.1 percent year-on-year, a reversal from a 0.5 percent decline in the previous quarter, mainly supported by the electronics and biomedical manufacturing clusters. 

Growth in the construction sector slowed to 3.3 percent, following a 4.0 percent increase in the previous period, due to a decline in private sector construction works.

The services producing industries grew by 1.4 percent, lower than an earlier estimates of a 1.7 percent increase. The wholesale & retail trade sector expanded by 2.2 percent (from a 2.9 percent growth in the March quarter, driven by motor vehicle sales). The transportation & storage rose 2.9 percent, following a 0.1 percent contraction in the prior quarter, mostly supported by the water transport segment, which expanded on the back of an increase in sea cargo handled. The accommodation & food services sector posted a 1.6 percent growth, compared to a 1.7 percent expansion in the previous three months, contributed by the accommodation segment, while the performance of the food & beverage segment remained sluggish. The information & communication sector grew by 1.2 percent, following a 3.1 percent expansion in the March quarter. Growth was weighed down by the weak performance of the publishing and broadcasting industries. The finance & insurance sector expanded 0.8 percent, slowing from a 2.7 percent increase, underpinned by the forex trading and insurance segments. The business services sector recorded a 1.2 percent decline, compared to a 0.1 percent growth in the first quarter, mainly due to a decline in real estate segment. Growth in the "other services industries" stood at 1.6 percent, faster than a 0.8 percent rise in the preceding quarter, largely supported by the public administration & defence and education, health  & social services. 

On a quarter-on-quarter seasonally-adjusted annualized basis, the economy advanced 0.3 percent, much lower than a 0.8 percent expansion estimated earlier but slightly faster than a 0.1 percent expansion in the first quarter 2016. A faster increase in the construction sector was unable to offset a decline in the services sector and a slowdown in manufacturing. The construction sector grew by 5.3 percent, accelerating from a 1.4 percent growth in the March quarter. The manufacturing sector grew by 1.0 percent, slowing from a 18.7 percent in Q1. In contrast, the services sector declined by 0.6 percent, mainly due to a 11.2 percent contraction in the finance and service sector, a 4.0 percent drop in the accommodation & food services and a 3.6 percent drop in the business services sector.

Meanwhile, amid uncertainties about Brexit,  the rising corporate credit levels in China and slowing global demand, the Ministry of Trade and Industry Singapore narrowed its economic growth forecast to 1 to 2 percent for 2016 from an earlier projection of 1 to 3 percent.


Thursday August 11 2016
Singapore GDP Growth Revised Down to 2.1% YoY in Q2
Statistics Singapore l Joana Ferreira | joana.ferreira@tradingeconomics.com

Singapore's gross domestic product expanded 2.1 percent year-on-year in the the second quarter of 2016, unchanged from the first quarter and missing advanced estimate of 2.2 percent, final figures showed. Manufacturing was the main driver of growth while services and construction sectors slowed.

Year-on-year, the manufacturing sector expanded by 1.1 percent, a reversal from a 0.5 percent decline in the previous quarter. Growth was supported by an increase in the output of the biomedical manufacturing and electronic clusters.

The construction sector grew by 3.3 percent, slowing from a 4 percent expansion in the first quarter. The moderation was largely due to a slowdown in private sector construction activities.

Growth in services sector slowed for: wholesale and retail trade; accomodation and food services; information and communications; finance and insurance; while business services contracted.

On a quarter-on-quarter seasonally-adjusted annualized basis, the economy grew by 0.3 percent, compared to a 0.1 percent expansion in the March quarter but below preliminary estimate of a 0.8 percent growth. The main drivers of growth were the manufacturing sector (+1 percent) and construction (+5.3 percent); while services contracted (-0.6 percent).