Singapore’s July manufacturing activity grows at slower place as demand weakens
Singapore’s factory output grew for the 25th straight month in July, but at a slightly slower pace for the second month in a row. The Purchasing Managers’ Index dipped 0.2 points to 50.1 in July, with fewer new orders and…
IMF lowers Singapore’s GDP growth forecast to 3.7% this year
The International Monetary Fund (IMF) has cut its economic growth forecast for Singapore to 3.7% this year. This is down from its forecast of 4% GDP growth that it made in May. The IMF country report also said headline inflation…
China’s growth falls to 2-year low on COVID-19, property woes
China’s economy barely inched forward in the second quarter, reflecting a colossal toll on activity from widespread COVID-19 lockdowns. Economists say the slowdown is putting Beijing’s growth target increasingly out of reach. China’s GDP expanded just 0.4 per cent on-year…
Singapore’s economy grows 4.8% in Q2
Preliminary data shows that Singapore’s economy grew by a slower-than-expected 4.8 per cent on-year in the second quarter. The advance estimates fall short of a Reuters poll forecast of a 5.2 per cent growth. On a quarter-on-quarter basis, growth is…
Malaysia central bank lifts key rate again to curb inflation
Malaysia’s central bank has raised its benchmark interest rate for the second straight meeting as it battles inflation. It lifted its overnight policy rate by 0.25 percentage points to 2.25%, after raising it from a historical low of 1.75% at…
Singapore retail sales jump 17.8% in May, up from low base in 2021
Retail sales in Singapore jumped 17.8% on-year in May as more travellers arrived. The growth expands on the previous month’s 12.1% increase. SingStat said retailers are recovering from the low base over the same period last year, when movement and…
Singapore’s factory activity expands for 24th straight month in June, but at slower pace
Singapore’s manufacturing activity expanded for the 24th consecutive month in June, but at a slightly slower pace. However, the key electronics sector saw a faster rate of expansion in its 23rd consecutive month of growth. The Purchasing Managers’ Index edged…
Singapore does not expect a recession or stagflation in 2023: MTI
No recession or stagflation is expected next year in Singapore. The Trade and Industry Ministry said that’s because the country’s economic growth is performing above trend. Stagflation occurs when there’s slow economic growth, high inflation and unemployment. However, the authorities…
GST hike must proceed, govt prepared to do more if situation ‘worsens significantly’: DPM Wong
More support will be given — if needed — to households affected by the impending Goods and Services Tax (GST) hike. This is on top of the support announced at this year’s Budget to cushion the impact. Responding to parliamentary…
India hikes duties on oil, gold as rupee plunges
India has tightened exports of oil and imports of gold in an all-out effort to rein in the plunging rupee. The government has raised import taxes on gold from 7.5% to 12.5%, while increasing levies on exports of gasoline and…