Singapore data, GDP for 2020 as a whole is -5.4% y/y
- Q4 GDP +3.8% q/q at seasonally adjusted rate
- Q4 GDP -2.4% y/y (Reuters poll -3.5%)
Singapore’s Ministry of Trade and Industry (MTI) maintains 2021 GDP growth forecast at +4% to +6%
- says domestic economy to see gradual recovery over 2021; outlook remains uneven across sectors
- says pace of border re-opening slowed amidst global surge in covid-19 cases and emergence of more contagious strains of virus
- says manufacturing sector likely to expand at faster pace than previously projected in 2021
- 2021 total merchandise trade forecast adjusted upwards to +2% to +4%
Following the data release are comments from Singapore’s trade secretary:
- says the US and Europe should reach population immunity in H2 of this year
- says there are significant uncertainties due to vaccine supply
Also, an official at the Monetary Authority of Singapore :
- monetary policy stance remains unchanged
- will see a gradual turnaround in the economy this year
- inflation could rise in Q2, due to base effects
- full labour market recovery will be gradual