EDB: Job creation forecast for 2017 fewer than last year

2016 investment commitments met or exceeded EDB’s forecasts and will create 20,100 jobs when the projects are fully implemented, the Singapore Economic Development Board (EDB) said in a press release on 2 Feb.
The agency attracted S$9.4 billion in Fixed Asset Investments (FAI) last year, which is at the upper end of the forecast S$8-10 billion, EDB said.

Total Business Expenditure per annum (TBE) at S$8.3 billion, exceeded the forecast range partly due to large-scale shipyard projects committed. However for 2017, TBE is expected to return to earlier levels as the large shipyard projects committed in 2016 have long investment cycles and will not recur in the near future.

Value-Added per annum (VA) at S$12.9 billion was within the forecast ranges.

However, the 2016 number of expected jobs, which is 20,100, was at the lower end of the 20,000 to 22,000 forecast for the year.

“The level of investment commitments this year is expected to be ‘comparable’ to 2016 levels,” EDB said, although its expected job creation forecast range was lower for this year: at 19,000-21,000 jobs.