Tuesday January 23 2018
Singapore Inflation Rate Slows to 0.4% in December
Statistics Singapore l Chusnul Ch Manan | chusnul@tradingeconomics.com

Consumer prices in Singapore rose 0.4 percent from a year earlier in December of 2017, easing from a 0.6 percent increase in the prior month. The figure was below market expectations of a 0.55 percent rise, as cost of food and transport went up at slower paces while cost of housing & utilities continued to fall.

Year-on-year, prices went up less than in a month earlier for: food (1.4 percent from 1.5 percent in the previous month). Among food excluding food servicing services, cost increased for most categories : milk, cheese & eggs (0.8 percent); fish & seafood (2.3 percent); oils & fats (2.2 percent); fruits (2.4 percent); sugar, preserves & confectionery (3.7 percent); other food (1 percent); meat (1 percent); non-alcoholic beverages (0.9 percent), and bread & cereals (0.4 percent). Also, among food servicing services, prices went up for all categories: restaurant foods (1.3 percent); fast food (1.5 percent), hawker food including food courts (1.6 percent), and catered food (1.3 percent). Also, prices slowed for transport (1.4 percent from 2.6 percent), largely due to a 2.6 percent rise in private road transport while prices decreased for both other travel & transport (-0.7percent) and public road  transport (-2.1 percent); communication (0.5 percent from 1.5 percent); health (1.9 percent from 2 percent), mainly due to a 2.5 percent rise in medical & dental treatment; recreation & culture (0.4 percent from 0.8 percent), due to a 1.1 percent rise in recreation.
 
On the other hand, cost fell for housing & utilities (-2.3 percent from -2.4 percent, mainly due to a 3.8 percent decline in accomodation); clothing & footwear (-0.2 percent from 0.7 percent).
  
Prices rose faster for household durables & services (1.1 percent from 1 percent, largely due to a 2.5 percent increase in household services & supplies). Also, prices of miscellaneous goods & services rebounded (0.1 percent from -0.4 percent), due to a 1.2 percent rise in personal care and a 2.3 percent increase in other miscellaneous expenditure.
 
Inflation was steady for: education (2.6 from 2.6 percent), due to a 2.6 percent rise in tuition & other fees and a 0.9 percent gain in school textbooks & related study guides.
 
Core consumer prices which exclude costs of accommodation and private road transport, rose 1.3 percent, compared to a 1.5 percent gain in November and below market expectations of a 1.5 percent rise.
 
On a month-on-month basis, consumer prices edged down 0.1 percent, after increasing by 0.6 percent in a month earlier.
 
 
 
 
 




Tuesday January 02 2018
Singapore GDP Annual Growth Beats Forecasts in Q4
MTI | Joana Taborda | joana.taborda@tradingeconomics.com

The economy of Singapore expanded 3.1 percent year-on-year in the last three months of 2017, below an upwardly revised 5.4 percent rise in the previous quarter which was the highest growth rate in nearly four years. Figures came above market expectations of 2.7 percent, according to advance estimates. Considering full 2017, the GDP advanced 3.5 percent, higher than 2 percent in 2016 and the fastest expansion since 2014.

The manufacturing sector increased 6.2 percent, following a 19.2 percent jump in Q3, boosted by robust expansions in the electronics and precision clusters which outweighed output declines in biomedical manufacturing and transport engineering.
 
The services sector went up 3 percent, moderating from a 3.2 percent rise in Q3. Growth was mainly driven by finance and insurance; wholesale and retail trade and transportation and storage.
 
The construction sector shrank 8.5 percent, extending the 7.7 percent decline in Q3 and mainly due to weakness in private sector activities.
 
On a quarterly basis, the economy advanced an annualized 2.8 percent, below 9.4 percent in Q3 and market expectations of 2.9 percent. 




Tuesday December 26 2017
Singapore Inflation Rate at 4-Month High of 0.6%
Statistics Singapore | Chusnul Ch Manan | chusnul@tradingeconomics.com

Consumer prices in Singapore increased 0.6 percent from a year earlier in November of 2017, accelerating from a 0.4 percent rise in the prior month and beating market expectations of 0.5 percent. It was the highest inflation since July, as cost of transport increased at a faster pace while prices of food continued to rise.

Year-on-year, prices went up more than in a month earlier for: transport (2.6 percent from 1.1 percent), largely due to a 4.1 percent rise in private road transport and other travel & transport (1.1 percent); household durables & services (1 percent from 0.7 percent, largely due to a 2.3 percent increase in household services & supplies); recreation & culture (0.8 percent from 0.7 percent), due to a 0.9 percent rise in recreation, a 0.1 percent increase in newspapers, books&stationery, and a 0.7 percent rise in holiday expenses;  communication (1.5 percent from 1.0 percent).

Inflation was steady for: education (2.6 percent), due to a 2.6 percent rise in tuition & other fees and a 0.9 percent gain in school textbooks & related study guides; clothing & footwear (0.7 percent).
  
Prices rose less for health (2 percent from 2.2 percent), mainly due to a 2.7 percent rise in medical & dental treatment.
 
Prices of food rose 1.5 percent, the same pace as in the previous month. Among food excluding food servicing services, cost increased for all categories : milk, cheese & eggs (0.3 percent); fish & seafood (1.9 percent); oils & fats (1.7 percent); fruits (2.2 percent); sugar, preserves & confectionery (4.7 percent); vegetables (2 percent); other food (1.3 percent); meat (0.8 percent); non-alcoholic beverages (1.9 percent), and bread & cereals (1 percent). Also, among food servicing services, prices went up for all categories: restaurant foods (1.1 percent); fast food (1 percent), hawker food including food courts (1.6 percent), and catered food (1.3 percent).
 
On the other hand, cost fell for housing & utilities (-2.4 percent from -2.7 percent, mainly due to a 3.9 percent decline in accomodation); miscellaneous goods & services (-0.4 percent from 0.9 percent), due to a 1.6 percent fall in personal care.
 
Core consumer prices which exclude costs of accommodation and private road transport, rose 1.5 percent, the same pace as in October and in line with market expectations.
 
On a month-on-month basis, consumer prices went up 0.6 percent, after decreasing by 0.3 percent in a month earlier.


Wednesday December 13 2017
Singapore Jobless Rate Revised Up to 2.2% In Q3
Ministry of Manpower Singapore l Rida Husna | rida@tradingeconomics.com

Singapore’s seasonally adjusted unemployment rate came in at 2.2 percent in the September quarter of 2017, the same as in the previous three quarters but slightly above the preliminary estimate of 2.1 percent. The jobless rate remained at its highest level since the fourth quarter 2010, as employment continued to decline while there were still more unemployed persons than job vacancies.

In the three months to September, the jobless rate was unchanged for residents (3.1 percent) while declined slightly for citizens (3.2 percent from 3.3 percent). However, the rates remained higher than a year ago.

Total employment contracted by 2,300, following declines in the prior two quarters, due to sustained falls in Work Permit Holders in construction (-9, 500 from -10,500 in Q2) and manufacturing (-2,100 from -3,600). Meantime, services sector saw employmrent rose at a faster pace (9,200 from 7,000).

Some 3,400 workers were laid off, lower than 3,640 workers in the June quarter and a year ago (4,220). The decline came from manufacturing ( 730 from 840 in Q2) and services (2,180 from 2,330), while layoffs rose in construction (490 from 470). Services formed the bulk of the retrenchments (64 percent), mainly in wholesale trade (14 percent) and financial services (13 percent).

The rate of re-entry among retrenched residents rose to 66.0 percent, after holding steady in the preceding three quarters. The increase in re-entry rate was broad-based across most age, occupational and education groups. 

The number of job vacancies among private sector establishments with at least 25 employees and the public sector was unchanged from the prior quarter at 49,000. Including the estimated number of job vacancies from private sector establishments with less than 25 employees, the number of job vacancies for the whole economy rose slightly. Along with fewer job seekers, the seasonally adjusted ratio of job vacancies to unemployed persons improved to 87 job vacancies per 100 unemployed persons in the September quarter from 85 in Q2, continuing the uptrend observed this year. Yet, there were still more unemployed persons than job vacancies.

The seasonally adjusted recruitment rate was unchanged from the previous quarter (at 2.1 percent). Meanwhile, resignation rate rose by 1.8 percent. It was the levels held prior to the brief decline in the second quarter of 2017.




Thursday November 23 2017
Singapore GDP Growth Revised Up in Q3
MTI | Joana Taborda | joana.taborda@tradingeconomics.com

The Singaporean economy grew 5.2 percent year-on-year in the third quarter of 2017, higher than an initial estimate of 4.6 percent and 2.9 percent in the prior quarter. It is the biggest expansion since the last quarter of 2013, led by a sharp acceleration in manufacturing.

Year-on-year, the manufacturing sector went up 18.4 percent, above a preliminary of 15.5 percent and 8.4 percent in the previous quarter. All clusters withing manufacturing increased with the exception of the transport engineering one which continued to register a decline in output on the back of sustained weakness in the marine and offshore engineering segment. 

The services sector went up 3 percent, above 2.6 percent in early figures and 2.5 percent in the previous quarter. All sectors rose at a faster pace with the exception of accomodation and food services which fell more (-2.1 percent compared to -2 percent in Q2).

On the other hand, construction shrank 7.6 percent, more than an initial estimate of a 6.3 percent fall and extending the 9.1 percent drop in the previous quarter.

On a quarterly basis, the final estimate showed the GDP grew an annualized 8.8 percent, above a preliminary 6.3 percent and sharply surpassing the downwardly revised 2.2 percent growth of the previous quarter. 

The Ministry of Trade and Industry announced that the Singapore economy is expected to grow by 3.0-3.5 percent in 2017 and by 1.5-3.5 percent in 2018. 


Thursday November 23 2017
Singapore Inflation Rate Steady at 0.4% in October
Department of Statistics Singapore l Chusnul Ch Manan | chusnul@tradingeconomics.com

Consumer prices in Singapore increased 0.4 percent from a year earlier in October of 2017, the same pace as in the prior month but below market expectations of 0.5 percent rise. The inflation figure remained the lowest since April, as cost of food increased at a faster pace while transport inflation was similar from the preceding month.

Year-on-year, prices went up less than in a month earlier for: household durables & services (0.7 percent from 0.8 percent, largely due to a 2.1 percent increase in household services & supplies); education (2.6 percent from 2.7 percent), due to a 2.6 percent rise in tuition & other fees and a 0.9 percent gain in school textbooks & related study guides. Also, inflation of health care rose less ( 2.2 percent from 2.5 percent), mainly due to a 2.8 percent rise in medical & dental treatment; and communication (1.0 percent from 1.3 percent).
 
Cost rose at faster pace for: clothing & footwear (0.7 percent from 0.5 percent in September); miscellaneous goods & services (0.9 percent from 0.7 percent, due to a 0.2 percent rise in alcoholic drinks & tobacco, a 3.3 percent rise in personal effects, a 0.1 percent increase in personal care, and a 2.1 percent rise in other miscellaneous expenditure; recreation & culture (0.7 percent from 0.4 percent, due to a 1 percent rise in recreation, a 0.1 percent increase in newspapers, books&stationery, and a 0.5 percent rise in holiday expenses. 
 
Inflation was steady for transport (1.1 percent, largely due to a 2.2 percent rise in private road transport).
 
Prices of food rose 1.5 percent, following a 1.2 percent rise in the previous month. Among food excluding food servicing services, cost increased for all categories : milk, cheese & eggs (0.7 percent); fish & seafood (1.5 percent); oils & fats (2.2 percent); fruits (2.5 percent); sugar, preserves & confectionery (0.8 percent); vegetables (4 percent); other food ( 2 percent);  meat (1.1 percent); non-alcoholic beverages (1.9 percent), and bread & cereals (0.6 percent). Also, among food servicing services, prices went up for all categories: restaurant foods (1 percent); fast food (0.9 percent), hawker food including food courts (1.6 percent), and catered food (1.3 percent).
 
On the other hand, cost fell for housing & utilities (-2.7 percent from -2.3 percent, mainly due to a 4.2 percent decline in accomodation).
 
Core consumer prices which exclude costs of accommodation and private road transport, rose 1.5 percent, the same pace as in September and in line with market expectations
 
On a month-on-month basis, consumer prices fell 0.3 percent, after being flat in a month earlier.
 
 
 


Friday October 27 2017
Singapore Q3 Jobless Rate Lowest in A Year
Ministry of Manpower Singapore | Chusnul Ch Manan | chusnul@tradingeconomics.com

Singapore’s seasonally adjusted unemployment rate edged down to 2.1 percent in the September quarter of 2017 from 2.2 percent in previous three quarters, preliminary estimates showed. It was the lowest jobless rate since the third quarter 2016.

In the three months to September jobless rate was unchanged for residents (3.1 percent) while it fell for citizens (3.2 percent from 3.3 percent in Q2).
 
Some 3,600 workers were laid off, lower than in the second quarter (3,640). The decrease over the quarter was broad-based across industries. Services continued to form the bulk of retrenchments/ redundancies (66 percent), followed by manufacturing (19 percent) and construction (15 percent).
 
Total employment fell by 2,500, lower than a 7,900 decline in the preceding quarter. The decline in the third quarter was mainly due to a decrease in Work Permit Holders in Marine and Construction, a result of low oil prices and continued weakness in construction activities respectively. However, this was partly offset by the pickup in employment in Services including Professional Services, Information & Communications, Administrative & Support Services, Finance & Insurance and Accommodation.


Monday October 23 2017
Singapore Inflation Rate Steady at 0.4% in September
Statistics Singapore | Chusnul Ch Manan | chusnul@tradingeconomics.com

Consumer prices in Singapore increased 0.4 percent from a year earlier in September of 2017, the same pace as in the prior month and line with market expectations. The inflation figure remained the lowest since April, as food inflation was similar to the preceding month while cost of transport increased at a slower pace.

Year-on-year, prices went up less than in a month earlier for: clothing & footwear (0.5 percent from 1.6 percent in August); transport (1.1 percent from 1.4 percent, largely due to a 2.1 percent rise in private road transport); household durables & services (0.8 percent from 1.2 percent, largely due to a 2.1 percent increase in household services & supplies).
 
Cost rose at faster pace for: miscellaneous goods & services (0.7 percent from 0.1 percent, due to a 0.4 percent rise in alcoholic drinks & tobacco, a 3.4 percent rise in personal effects and a 1.9 percent increase in other miscellaneous expenditure); recreation & culture (0.4 percent from 0.3 percent, due to a 0.8 percent rise in recreation) and communication (1.3 percent from 0.1 percent).
 
Inflation was steady for education (2.7 percent), due to a 2.7 percent rise in tuition & other fees and a 0.9 percent gain in school textbooks & related study guides. Also, inflation of health care was steady (2.5 percent), mainly due to a 3.3 percent rise in medical & dental treatment.
 
Prices of food rose 1.2 percent, the same pace as in the previous month. Among food excluding food servicing services, cost increased for milk, cheese & eggs (0.4 percent); fish & seafood (2.8 percent); oils & fats (3.3 percent), fruits (1.6 percent); sugar, preserves & confectionery (1.2 percent); vegetables (3 percent), and other food (0.5 percent). Meantime prices were flat for meat; non-alcoholic beverages. In contrast, cost fell for bread & cereals (-0.7 percent). Among food servicing services, prices increased for all categories: restaurant foods (0.7 percent), fast food (0.9 percent), hawker food including food courts (1.7 percent), and catered food (1.7 percent).
 
On the other hand, cost fell for housing & utilities (-2.3 percent from -2.3 percent, mainly due to a 3.9 percent decline in accommodation).

Core consumer prices which exclude costs of accommodation and private road transport, rose 1.5 percent from 1.4 percent in August and above estimates of 1.4 percent
 
On a month-on-month basis, consumer prices were flat, after increasing 0.3 percent in a month earlier.
 
 
 


Friday October 13 2017
Singapore GDP Growth Surpasses Expectations in Q3
Mario | mario@tradingeconomics.com

The Singaporean economy expanded 4.6 percent year-on-year in the third quarter of 2017, up from 2.9 percent in the prior quarter and stronger than market expectations of a 3.8 percent expansion, led by a sharp acceleration in manufacturing. On a quarterly basis, the advanced estimate showed that the GDP grew an annualized 6.3 percent in Q3, sharply surpassing the 2.4 percent growth of the previous quarter and the 3.2 percent expansion expected by consensus.

On an annualized basis, manufacturing was the main driver of faster-than-expected growth in the September quarter of 2017, as it expanded 15.5 percent after increasing by 8.2 percent in the previous three-month period. Robust expansion in electronics, biomedical manufacturing and precision engineering clusters drove growth.

The services producing industries advanced 2.6 percent, compared to an upwardly revised 2.5 percent rise in the prior quarter. Growth was mainly supported by finance & insurance services, wholesale & retail trade, and transportation & storage.

In sharp contrast, the construction sector plunged 6.3 percent, albeit the contraction was moderately smaller than the 6.8 fall of the previous quarter. The sector was mainly affected by persistent weakness in private sector construction activities.

On a quarterly basis, the GDP grew an annualized 6.3 percent in Q3 after an upwardly revised 2.4 percent expansion in Q2. Manufacturing was the trigger behind the sharp jump, expanding 23.1 percent after a 3.2 percent expansion in the previous quarter. In contrast, construction plummeted 9.2 percent after rebounding by 2.4 percent in Q2.

In 2016, the economy advanced 2 percent, slightly stronger than a 1.9 percent growth in the preceding year.


Monday September 25 2017
Singapore Inflation Rate at 4-Month Low of 0.4% in August
Statistics Singapore l Rida Husna | rida@tradingeconomics.com

Consumer prices in Singapore rose 0.4 percent from a year earlier in August of 2017, following a 0.5 percent rise in the prior month while market expected a 0.6 percent increase. It was the lowest inflation rate since April, as cost of food and transport increased at slower paces while cost of housing & utilities continued to fall.

Year-on-year, prices went up less than in a month earlier for: clothing & footwear (1.6 percent from 2.6 percent in August); health care (2.5 percent from 2.9 percent, mainly due to a 3.3 percent rise in medical & dental treatment) and transport (1.4 percent from 2.0 percent, largely due to a 2.6 percent rise in private road transport). Cost also rose at softer rate for: miscellaneous goods & services (0.1 percent from 0.5 percent, due to a 0.1 percent rise in alcoholic drinks & tobacco, a 2.8 percent rise in personal effects and a 1.9 percent increase in other miscellaneous expenditure); education (2.7 percent from 2.8 percent, due to a 2.7 percent rise in tuition & other fees and a 0.9 percent gain in school textbooks & related study guides) and communication (0.1 percent from 0.3 percent). 

Cost increased more for household durables & services (1.2 percent from 1.0 percent, largely due to a 2.2 percent increase in household services & supplies), while rebounded for recreation & culture (0.3 percent from -0.1 percent, due to a 0.4 percent rise in recreation & entertainment, a 0.2 percent increase in newspapers, books & stationery and a 0.2 percent in holiday expenses.

On the other hand, cost fell for housing & utilities  (-2.3 percent from -2.5 percent, mainly due to a 3.9 percent decline in accommodation). 

Prices of food rose 1.2 percent, compared to a 1.4 percent gain in the previous two months. Among food excluding food servicing services, cost increased for bread & cereals (0.6 percent); meat (1.2 percent); milk, cheese & eggs (0.4 percent); fish & seafood (2.5 percent); oils & fats (0.9 percent), fruits (2.6 percent); sugar, preserves & confectionery (0.6 percent), non-alcoholic beverages (0.6 percent) and other food (1.2 percent).  In contrast, cost fell for vegetables (-0.1 percent). Among food servicing services, prices increased for all categories: restaurant foods (0.8 percent), fast food (0.3 percent), hawker food including food courts (1.7 percent) and catered food (1.7 percent).

Core consumer prices which exclude costs of accommodation and private road transport, rose 1.4 percent from 1.6 percent  in July and below estimates of 1.6 percent. It was the lowest figure since March.

On a month-on-month basis, consumer prices went up 0.3 percent, after declining 0.2 percent in  a month earlier.