SeaPRwire

Singapore maintains 4-6% GDP forecast for 2021 despite increased Covid-19 uncertainties

elean
3 minutes

SINGAPORE - Singapore maintained its economic growth forecast range for this year at 4 per cent to 6 per cent, despite increased uncertainty over the economic conditions, the Ministry of Trade and Industry (MTI) said on Tuesday (May 25). The forecast will be reviewed again in August, when there is more data, and greater clarity over the global and domestic economic situations, MTI said in a statement. MTI said uncertainties have increased and are characterised by both upside and downside risks, especially arising from the coronavirus pandemic at home and abroad. Singapore reimposed earlier in May most of the strict circuit breaker measures from last year to contain a surprise surge in local community Covid-19 cases. The lockdown that will remain in effect until mid June has raised concerns over the full-year growth target. "Since February, the external economic environment has improved, even though the pandemic continues to disrupt activities in many economies and threatens to undermine any recovery," it said. "While the recent tightening of domestic restrictions and border controls represents a setback to segments of the economy, the broader economy should still see a recovery thi...

SeaPRwire

Singapore non-oil exports see slower 6% growth in April

elean
1 minute

SINGAPORE - Singapore's non-oil domestic exports (Nodx) expanded at a slower pace in April, with growth supported by non-electronics such as petrochemicals and specialised machinery. Shipments grew 6 per cent year on year last month, according to data released by Enterprise Singapore on Monday (May 17). This missed analysts' forecast for an 11.5 per cent expansion, as polled by Bloomberg, and was lower than the revised 11.9 per cent expansion recorded in March. On a month-on-month seasonally adjusted basis, exports declined 8.8 per cent from March. Key electronics exports rose 10.9 per cent year on year for April, compared with the 24.4 per cent expansion the previous month. This was driven by growth in demand for items such as diodes and transistors. Meanwhile, non-electronic Nodx grew 4.7 per cent, following the previous month's 9.2 per cent increase. Shipments to Singapore's top 10 markets as a whole declined in April, due to dips in exports to the United States, European Union and Japan, although Nodx to China, Malaysia, Hong Kong, South Korea and Thailand rose. Total trade surged 26.3 per cent year on year in April to $95.8 billion, continuing the 19.6 per cent expansion recor...

SeaPRwire

Singapore economy grows 0.2% in Q1, first expansion since 2019: Flash data

elean
2 minutes

SINGAPORE - The Singapore economy grew by 0.2 per cent on a year-on-year basis in the first quarter of 2021, a turnaround from the 2.4 per cent contraction recorded in the previous quarter, according to advance estimates released by the Ministry of Trade and Industry on Wednesday (April 14). On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 2.0 per cent, extending the 3.8 per cent growth in the preceding quarter. The first-quarter growth was a surprise as analysts had tipped the economy to shrink 0.5 per cent year-on-year, according to a Bloomberg poll. The survey also forecast a growth of 1.7 per cent on a quarter-on-quarter seasonally adjusted basis in the January-March period. This was the economy's first quarterly growth since the fourth quarter of 2019, before the onset of the Covid-19 pandemic. MTI has maintained its November forecast of the economy growing by 4.0 to 6.0 per cent this year. The higher end of the 2021 estimate would make it the best year since 2011, when gross domestic product grew by 6.3 per cent. After an unprecedented 5.4 per cent economic contraction, which was Singapore's worst-ever recession since independence, the 2021 estimate ...