Singapore trims growth forecast, but not expecting technical recession

Singapore trims growth forecast, but not expecting technical recession

The Trade and Industry Ministry said Singapore is not expecting a technical recession, which happens when there are two consecutive quarters of quarter-on-quarter economic contraction. Although the economy shrank from April to June, the MTI is projecting positive growth ahead.…

Singapore's July manufacturing activity grows at slower place as demand weakens

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

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…

Singapore retail sales jump 17.8% in May, up from low base in 2021

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 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

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

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…

Singapore's core inflation rises to 3.6% in May, highest in more than 13 years

Singapore’s core inflation rises to 3.6% in May, highest in more than 13 years

Singapore’s core inflation has surged to a 13-year high, driven by rising prices of food and utilities. It was 3.6% in May on a year-on-year basis. Including private transport and accommodation costs, headline inflation accelerated to 5.6%. All sectors saw…

Civil servants to receive 0.35-month mid-year bonus; one-time payment for junior grade officers

Civil servants to receive 0.35-month mid-year bonus; one-time payment for junior grade officers

Civil servants can look forward to a 0.35-month mid-year bonus. This is higher than the 0.3-month bonus they received last year. Some will also receive an additional one-time payment. Lower grade officers will receive $200 on top of their bonus.…

Most Asian markets continue to slide amid recession fears

Most Asian markets continue to slide amid recession fears

A market sell-off rippled through regional bourses on June 14. The Straits Times Index fell by about 1% to close at 3,109, erasing this year’s gains. Investors were spooked by expectations of the US Federal Reserve raising interest rates by…