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Upside surprise for August industrial production growth was partly due to low base for electronics and stronger semiconductor demand, but portends well for 2020 manufacturing growth

Disinflationary pressures are gradually ebbing - S'pore's headline CPI fell 0.4% yoy (+0.6% mom nsa) but core CPI fell a milder 0.3% yoy in August.

S'pore's August NODX beat expectations, aided by non-electronics and electronics exports, and heralds upside risk to the 2020 NODX growth forecast!

S'pore's labour market report: a punishing hit to 2Q20 due to Covid-19, but 2H still remains challenging!

Grimmer 2020 growth outlook but stronger 2021 recovery?

S'pore's disinflationary trend continued in July

Some quick thoughts on DPM Hengs ministerial statement on continued support for workers and businesses

Upside surprise in July NODX prompts 2020 NODX growth forecast upgrade

2Q20 GDP growth was revised to -13.2pct yoy (-41.0pct qoq saar)

S’pore’s 2Q20 total unemployment rate jumped to 2.9pct, with resident unemployment at 3.9pct

Singapore CPI contracts again in June, outlook remains weak.

S'pore's NODX surprised on the upside at 16.1% yoy in June, aided by the re-opening of the S'pore economy after the two months of Circuit Breaker period.

S'pore saw a record contraction of 41.2% qoq saar (-12.6% yoy) in 2Q20 due to the Covid-19 pandemic and Circuit Breaker restrictions, entering a recession, but the worst may be over?

Singapore's retail sales plunged 52.1% yoy which is close to our forecast of -53.2% yoy in May, but should see a snapback in June with Phase 2. The question remains if momentum will extend into 2H20?

S'pore's industrial production unexpectedly slumped 7.4% yoy (-16.5% mom sa) in May

S'pore's NODX, two steps forward, one step back

Fallout in the Spore labour market in 1Q20 is only tip of the iceberg and is likely to worsen in 2Q20

MAS Survey of Professional Forecasters (SPF) throws up some glimmers of hope amid the gloomy economic data

S'pore's retail sales saw a record 40.5% yoy (-31.7% mom sa) slump in April

The start of Singapore's Circuit Breaker saw a big dent in April consumer loans growth

S'pore's Fortitude Budget marks new milestones

S'pore industrial production in April surprises at 13.0% yoy

S'pore headline CPI at -0.7% yoy in April

S'pore downgrades 2020 official GDP growth forecast down to -4% to -7% yoy

NODX surprised with 9.7% yoy (-5.8% mom sa) growth in April despite the Circuit Breaker period

S'pore's private sector PMI plummeted to 33.3 in March

S'pore's demand shock is evident in the March retail sales

Manufacturing and services' business expectations plummet amid Circuit Breaker period

Singapore's overall unemployment rate rose modestly to 2.4% in 1Q20

S'pore's core inflation fell for the second month by 0.2% yoy in March

Singapore's extension of its one-month circuit breaker

Singapore's NODX surprised with a stronger 17.6% yoy growth

Singapore's Solidarity Budget

S’pore's retail sales fell 8.6% YoY in February

Spore bank loans accelerated slightly to 3.1% yoy in February

Singapore Supplementary Budget Resilience Package 2020

S'pore's Covid-19 shock saw advance 1Q20 GDP growth contract more than expected by 2.2% yoy

SOR to SORA: Looking through the transition pain to long term positives

S'pore's core inflation turned negative in Feb20 for the first time since Jan10 amid the Covid-19 outbreak

S'pore NODX surprised on the upside, expanding 3.0% yoy in February

Singapore retail sales contracts for 12th consecutive month, little respite seen in the horizon ahead.

A quick comparison between Singapore and Hong Kong Budget 2020

A Unity Budget 2020

Singapore Budget FY2020

Singapore's 4Q19 GDP growth was revised up to 1.0% yoy

S'pore's retail sales tanked 3.4% yoy (-1.0% mom sa) in December 2019, bringing full year 2019 retail sales to contract for the second straight year by 2.8% yoy

Curtain Raiser for Budget 2020

S'pore's manufacturing and electronics PMIs improved in January, but may not sustain in coming months

The unemployment rate of Singaporeans rose from 3% in 2018 to 3.3% in 2019

Potential dark clouds for the Singapore economy

S'pore's industrial production fell for the second month by a milder 0.7% yoy in December 2019

A Primer on New Benchmark Rates

Christmas came early in the form of a NODX growth rebound to 2.4% yoy (1.1% mom sa), marking an end to a 9-month slump as non-electronics outperformed

S'pore's 4Q19 GDP growth was 0.8% yoy (0.1% qoq saar) according to advance estimates, bringing full year 2019 growth to 0.7% yoy (slowest since 2009)

S'pore's industrial production slumped 9.3% yoy in November

S'pore's NODX shows further signs of stabilisation in Nov, setting an optimistic platform for 2020

S'pore inflation prints remain muted in October

S'pore expanded a revised 0.5% yoy in 3Q19

S'pore's NODX growth contracted for the seventh consecutive month by 8.1% yoy in September

S'pore skirted a technical recession in 3Q19

Spore may escape a technical recession in 3Q, but 4Q prognosis remains soft

SG NODX shrank a better-than-expected 8.9% yoy in August

S'pore's retail sales rebounded 2.6% mom (-1.8% yoy) in July

S'pore's Mfg and electronics PMIs saw marginal improvement

S'pore government cuts full-year 2019 GDP growth forecast to 0-1%

Retail sales plunged more than expected

Singapore Outlook 26 July 2019

Singapore Outlook 23 July 2019

Singapore added to US watch list for US' FX monitoring report and implications

S'pore's manufacturing growth suggests tentative signs of stabilization in April

S'pore's core CPI eased to 1.3% yoy in April, even though headline CPI accelerated to 0.8% yoy (-0.3% mom nsa)

Singapore bank loans growth slowed further in March

S'pore's headline & core inflation remained relatively stable

S'pore's 1Q19 growth slowed and MAS on hold

S'pore's bank loans accelerated slightly to 3.3% yoy in Feb, up from 3.2% yoy in Jan 2019. However, consumer loans was very soft at 0.5% yoy

S’pore's manufacturing output staged a small bounce in Feb, but remained lacklustre at 0.1% yoy for year-to-date

S'pore's manufacturing and electronics PMIs sink further

Singapore 2019 post-budget

Singapore Budget FY2019

Singapore's NODX fell a worse than expected 10.1% yoy in January 2019

Singapore 2019 pre-Budget thoughts

Singapore NODX shrank in Dec

Singapore economy expanded slower in 4Q18

Macroeconomic Review & the 2017 SGS bond issuance calendar (25 Oct 2016)

Services Growth Deflated in 3Q16 (14 Oct 2016)

NODX flatlined yoy in August (16 Sep 2016)

Whole economy PMI rebounded strongly (5 Sep 2016)

Green shoots only in late summer? (2 Sep 2016)

Bank loans continued its losing streak (31 Aug 2016)

Industrial production tanked amid a dismal July NODX (26 Aug 2016)

Headline CPI fell 0.7 per cent (23 Aug 2016)

IES'pore narrows 2016 NODX forecast (11 Aug 2016)

MTI cuts full year growth forecast to 1-2% (11 Aug 2016)

Inflation contracted for the 22nd month (3 Aug 2016)

Nikkei PMI retreats amid weaker output and new export orders (3 Aug 2016)

NODX crash landing in June reverses May surge (18 Jul 2016)

It's too early to bring out the champagne (17 Jun 2016)

Retail sales lifted by motor sales (15 Jul 2016)

Bank lending momentum remained weak (31 May 2016)

1Q16 GDP growth with downside risks (25 May 2016)

CPI fell for the 18th month (23 May 2016)

NODX extending March’s doldrum (13 May 2016)

Retail Sales bounced in March (13 May 2016)

PMI slumped in April (5 May 2016)

Bank loans contracted for the 6th consecutive month (29 Apr 2016)

Redundancies rose for the 5th straight year (20 Apr 2016)

SINGAPORE’s 1Q16 GDP GROWTH STALLED (14 Apr 2016)

Industrial production fell more than expected (24 Mar 2016)

Watch out for a more buoyant core inflation (23 Mar 2016)

SINGAPORE’S FY16 PRE-BUDGET THOUGHTS (14 March 2016)

Singapore’s labour market outlook (28 Jan 2016)

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