Singapore – NATURALDEPOSIT

Singapore Overtakes Hong Kong as Asia Pacific’s Most Expensive Housing Market

In a report released today (May 30) by the Urban Land Institute, a nonprofit research organization, it has been revealed that Singapore’s house prices have surpassed those of Hong Kong, making Singapore the most expensive housing market in the Asia Pacific region for 2023. The report also highlighted that rental prices in Singapore are the …

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Singapore Confident in Tourism Sector’s Recovery to Propel Economy, Averting Recession

News

The Singapore government is expressing confidence in the recovery of the tourism sector, which is expected to play a vital role in driving the country’s economy and preventing a recession this year, despite the sluggish global economic outlook. Officials have maintained their gross domestic product (GDP) growth forecast at 0.5-2.5 percent, stating that the economy …

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Singapore’s Economy at Risk of Recession as Q1/23 GDP Contracts

News

Singapore, May 25, 2023 – The Singaporean authorities announced today that the country’s Gross Domestic Product (GDP) contracted by 0.4% quarter-on-quarter in the first quarter of 2023. This decline follows the 0.1% growth recorded in the fourth quarter of 2022 and is primarily attributed to the impact of the global economic slowdown, including the Chinese …

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Singapore’s Core Inflation Remains Stable at 5% in April

News

The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry of Singapore (MTI) have announced that core inflation in Singapore held steady at 5% in April, compared to the same period last year. While inflation for electricity and gas, food, retail, and other goods experienced a decline, this was offset by higher …

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Singapore’s Non-Oil Exports Decline 9.8% YoY in April, Led by Electronics and Non-Electronic Products

News

According to the latest report from the National Statistical Office of Singapore, the country’s non-oil commodity exports (NODX) experienced a significant drop of 9.8% in April compared to the same period last year. This decline can be attributed to a decrease in the export of both electronics and non-electronic products. The figure reported for April …

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Singapore Doubles Residence Tax for Foreigners to Curb High Housing Demand

News

Singapore has announced a significant change in housing purchase tax as the city-state’s real estate market continues to heat up. This measure is aimed at curbing housing demand, especially from foreign buyers. Effective April 27, Singapore has raised taxes on buyers of various types of housing, with foreign buyers facing the most substantial increase. The …

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Singapore Posts CPI +5.5% in March, but Expected to Remain High in Coming Months

News

Singapore’s Consumer Price Index (CPI), the central bank’s primary gauge of inflation, rose 5.5 percent in March year on year, according to the National Statistical Office of Singapore. This marked a deceleration from 6.3 percent in February and 6.6 percent in January, as land transport costs increased at a slower pace. The Core Consumer Price …

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Singapore’s Exports Drop for Six Consecutive Months, Signaling a Slowing Economy

News

Singapore’s exports of domestically produced non-oil (Nodx) declined by 8.3% year on year in March, marking the sixth straight month of decline, according to Enterprise Singapore. However, the drop was less severe than expected and was also lower than the 15.8% decline in February. Economists polled by Reuters had forecasted a steeper decline of 20.8% …

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Singapore’s 1Q23 GDP Grows Just 0.1% Year on Year

News

Singapore’s Ministry of Trade and Industry (MTI) has reported that the country’s gross domestic product (GDP) grew by a mere 0.1% in the first quarter of 2023, compared to the previous quarter’s growth of 2.1%. On a quarterly basis, Singapore’s Q1 GDP contracted by 0.7%, following a modest 0.1% expansion in the fourth quarter of …

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Singapore’s inflation in February rose 5.5%, below expectations

Markets

On Monday (March 23), the Monetary Authority of Singapore (MAS) announced that the core consumer price index (CPI) for February rose 5.5%, which was the same level of growth as January but lower than analysts’ expectations of 5.8%. The base CPI, which excludes land transportation and housing costs, experienced the fastest rate of growth since …

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