six % y-o-y growth in the following one-fourth 2023 to help you –4.eight percent y-o-y growth in the 3rd quarter. Design productivity flower by 0.dos percent one-fourth-on-one-fourth (q-o-q) about third quarter compared with a beneficial contraction of 1.5 percent q-o-q on the 2nd one-fourth and you can a decline regarding cuatro.5 % q-o-q in the first one-fourth. not, towards the per year-over-season base, production production proceeded to exhibit a life threatening contraction of 5.0 % y-o-y from the 3rd one-fourth of 2023, immediately after declining by the 7.eight percent y-o-y from the next one-fourth. The development sector stayed an optimistic basis within services and products-promoting markets, that have yields right up of the 6.0 % y-o-y on 3rd quarter, shortly after a growth regarding seven.seven % y-o-y in the earlier one-fourth. PMI fell marginally of 54.2 during the Sep in order to 53.seven during the Oct but remained in the expansionary area. That it marked the fresh 8th consecutive month where Singapore’s personal markets benefit is continuing to grow.

Labor: Singapore’s jobless price is expected to boost to help you 2.0 per cent about third one-fourth, highlighting a slow upward development. 30 “Singapore retrenchments increase in Q3, jobless with the a great ‘slow uptrend’,” CNA, .

Inflation: Headline inflation experienced hook uptick in Oct. It rose out-of cuatro.1 percent inside Sep to cuatro.seven percent y-o-y inside the Oct. Headline rising cost of living has a tendency to are nevertheless unpredictable regarding coming weeks due to movement regarding Certificate of Entitlement (COE) rates.

Monetary locations

Currency: New Singapore dollars depreciated from the 0.cuatro per cent m-o-yards resistant to the All of us money inside the , as compared to step 1.0 % yards-o-m for the Sep.

Rules rate: The insurance policy speed remained intact when you look at the Oct due to the fact inflationary challenges eased and you may economic gains overcome expectations. New Financial Authority out of Singapore (MAS) announced this do shift out-of semi-annual in order to a good every quarter agenda out of rules comments into the 2024-a change you to definitely experts faith is within response to the fresh undecided worldwide economic and geopolitical land. 29 “MAS financial policy declaration-,» Monetary Authority away from Singapore, .

Trade: Both exports and you can imports contracted into the

Financial support inflows: FDI inflows is actually estimated to increase to help you $29 billion regarding the third one-fourth 2023 out-of $17 million on next quarter. 31 “Around the globe discount databases,” S&P Worldwide, .

Inflation: New downward trend in rising prices is noticeable during the quarterly top where they slowed down of step 3.9 % on the next quarter 2023 to help you dos.9 per cent throughout the 3rd quarter. However, the fresh October analysis tell you a slight uptick at the dos.six per cent few days-on-day (m-o-m) of 2.step 3 per cent meters-o-yards inside the Sep. This is associated with the new El Nino weather experience and this enjoys triggered a beneficial drought in the united kingdom, triggering a rise in food pricing, especially in the cost of grain you to flower 18 percent y-o-y for the October to help you its higher inside 5 years.

Commercial activity: Industrial creation regarding the third quarter 2023 spotted a noteworthy update, recording a 1.nine percent y-o-y development regarding good –0.dos % y-o-y contraction throughout the preceding one-fourth. It development are passionate by the a rebound for the agriculture and you may moderation during the framework. PMI remained in the contractionary zone and you can is actually undamaged at 46.8 inside the Oct. Providers educated a challenging providers environment again at the beginning of the fresh new last one-fourth 2023 as the demand standards continued so you can wane. This new sales moderated and you may development are scaled right back.

Labor: This new unemployment rate is anticipated to improve from cuatro.3 % on the 2nd one-fourth. 21 “Worldwide savings databases,” S&P Around the globe, .

Exports keeps denied so you’re able to –12.seven per cent y-o-y (following the –15.cuatro percent in wife Leon the last week). So it marks the twelfth upright month from refuse to have Singapore’s non-oil residential exports. Both electronic devices and you may low-electronics exports dropped. At the same time, imports along with denied by –eleven.8 percent y-o-y into the September, compared to –fifteen.seven per cent y-o-y for the August. At the every quarter height, exports rejected because of the seven.six % regarding the third one-fourth as compared to –8.cuatro per cent in the previous quarter.