{"id":113367,"date":"2020-01-03T11:25:03","date_gmt":"2020-01-03T04:25:03","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-posts-slowest-economy-expansion-since-2009\/"},"modified":"2020-01-03T11:34:41","modified_gmt":"2020-01-03T04:34:41","slug":"singapore-posts-slowest-economy-expansion-since-2009","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-posts-slowest-economy-expansion-since-2009\/","title":{"rendered":"Singapore posts slowest economy expansion since 2009"},"content":{"rendered":"


\nSingapore economy expanded by 0.7% in 2019, which is significantly lower than the 3.1% growth recorded in 2018.\u00a0
\nSingapore\u2019s economy experienced the slowest growth in a decade last year, growing by a marginal 0.7%. This pales in comparison to the 3.1% growth recorded in 2018, reported Channel News Asia, according to Bloomberg data.\u00a0
\nThe Ministry of Trade and Industry (MTI) said that GDP for the final three months of 2019 grew by 0.8% from the same period in 2018, which is a slight improvement from the revised 0.7% growth for the third quarter. The fourth-quarter flash estimate, meanwhile, which is generated based on data from the first two months of the quarter, was in line with a Thomson Reuters forecast.
\nHowever, on a quarter-on-quarter seasonally-adjusted annualised basis, the economy\u2019s only grew by 0.1%. This growth is far from the 2.4% expansion recorded in the previous quarter and falls behind economists\u2019 forecast of 0.4%.
\nManufacturing sector shrank, while the services sector grew
\nManufacturing decreased by 2.1% on a year-on-year basis in the fourth quarter, compared to the third quarter\u2019s 0.9% decrease.
\nThe services-producing industries recorded a 1.4% expansion from a year ago, which is quicker than the 0.9% growth reached in the third quarter. Meanwhile, construction expanded by 2.1% on a year-on-year basis for the fourth quarter, compared to the 2.4% growth in the previous three months.
\nSingapore\u2019s economy slowed down in 2019 in the midst of a trade war between China and the US as well electronics sector going through a cyclical downturn.
\nThis resulted in policymakers adjusting their full-year economic growth forecast three times and the most recent flash estimate released sets the forecast range from 0.5% to 1%.
\n\u201cThis latest advance GDP growth release confirms that the Singapore economy bottomed in the second quarter of 2019,\u201d said Selena Ling, head of treasury research and strategy for OCBC.
\n\u201cOur 2020 GDP growth forecast remains at 1 to 2 per cent year-on-year, assuming that the manufacturing recovery remains in \u2018fits and starts\u2019 pattern but with the services and construction sectors continuing to tread a firmer growth trajectory.\u201d
\nAll eyes on Budget 2020
\nEconomists are also closely watching the upcoming Budget 2020, to be delivered on 18 February by Deputy Prime Minister and Finance Minister Heng Swee Keat.
\nREAD:\u00a0Property Trends: Will 2020 See The Start Of A City Fringe Condo Boom?
\nLing described the Budget as the \u201cnext milestone\u201d to watch, and added that a more expansionary fiscal budget in 2020 will probably do the required heavy-lifting for the economy in the meantime, following the Monetary Authority of Singapore\u2019s easing of policy in October 2019.
\nJonathan Koh, Standard Chartered economist, also expects a \u201csupportive\u201d budget because of the surplus gathered thus far in this government\u2019s term.
\n\u201cWe think that there\u2019s going to be fiscal stimulus. Fiscal spending will be a key growth driver for Singapore ahead,\u201d he said.
\nPrime Minister Lee Hsien Loong said in a New Year message that the country has been affected by the slowdown in the global economy. Even though Singapore\u2019s economy is still growing and has avoided a recession this year, it is performing \u201cless vigorously than we would like\u201d.
\nIn his own New Year message, People\u2019s Action Party first assistant secretary-general Heng also aired concerns regarding the growing global uncertainty and economic slowdown.
\n\u201cWe are looking at measures to tackle these, even as we build for the longer term,\u201d he said.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore posts slowest economy expansion since 2009<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore economy expanded by 0.7% in 2019, which is significantly lower than the 3.1% growth...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-113367","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tuv","jetpack-related-posts":[{"id":109000,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-gdp-growth-slows-to-0-1-in-q2-2019\/","url_meta":{"origin":113367,"position":0},"title":"Singapore GDP growth slows to 0.1% in Q2 2019","date":"July 15, 2019","format":false,"excerpt":"\r While the economy grew by 0.1 percent in the second quarter, it\u2019s still lower than the 1.1 percent growth recorded in the previous quarter. Although the manufacturing sector declined by 3.8 percent, both the construction and services-producing sectors an improvement of 2.2 and 1.2 percent respectively.\u00a0\u00a0 The Singapore economy\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112546,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mti-sees-gdp-growth-forcast-in-2019-and-2020\/","url_meta":{"origin":113367,"position":1},"title":"MTI sees GDP growth forcast in 2019 and 2020","date":"November 22, 2019","format":false,"excerpt":"\r Singapore\u2019s economy is expected to have a growth of \u201c0.5 to 2.5%\u201d in 2020. The Ministry of Trade and Industry (MTI) expects that the Singapore economy to grow by 0.5 to 1.0% this year and by 0.5 to 2.5%\u201d in 2020, according to a report released on Thursday (Nov\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109878,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-cuts-economic-forecast-for-this-year\/","url_meta":{"origin":113367,"position":2},"title":"Singapore cuts economic forecast for this year","date":"August 14, 2019","format":false,"excerpt":"\r The Singapore government slashed its full-year economic growth forecast to between zero growth and 1%, from its previous projection of between 1.5% and 2.5%,\u00a0the Ministry of Trade and Industry (MTI) said on Tuesday (13 August). This comes as global conditions worsened, \u201cpartly due to the escalation in the US-China\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113029,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-growth-forecast-raised-to-0-7-survey\/","url_meta":{"origin":113367,"position":3},"title":"Singapore's growth forecast raised to 0.7%: Survey","date":"December 12, 2019","format":false,"excerpt":"\r This is 0.1% higher compared to the previous survey.\u00a0 Private-sector economists have raised Singapore\u2019s growth forecast to 0.7% this year, 0.1% higher compared to the previous 0.6% growth in the previous survey, according to the latest quarterly survey conducted by the Monetary Authority of Singapore (MAS) on 11 December.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114541,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/covid-19-outbreak-singapore-economy-to-contract-0-6-in-q1\/","url_meta":{"origin":113367,"position":4},"title":"COVID-19 Outbreak: Singapore economy to contract 0.6% in Q1","date":"February 26, 2020","format":false,"excerpt":"\r A major trade partner with China, the city-state\u2019s economy is expected to contract 0.6% in the first quarter of 2020 \u2013 a first since the 2009 recession following the global financial crisis. Economists expect the effects of the coronavirus outbreak to reverberate beyond China, with Singapore being the worst\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111748,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-economy-expected-to-have-0-5-growth-in-2019\/","url_meta":{"origin":113367,"position":5},"title":"Singapore\u2019s economy expected to have 0.5% growth in 2019","date":"October 21, 2019","format":false,"excerpt":"\r Meanwhile, MAS expects global economic growth in 2019 to slow down \u201cdiscernibly\u201d and then stabilise in 2020 \u201cbarring further shocks\u201d. Singapore\u2019s economy is expected to grow 0.5 percent in 2019, with the 2020 growth prediction being below consensus at one percent, reported Singapore Business Review citing Bank of America\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/113367"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=113367"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/113367\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=113367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=113367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=113367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}