Singapore’s economy narrowly evades a technical recession, with a slender 0.7% growth in Q2 2023 amid widespread sector contractions and a struggling manufacturing industry.
Singapore’s core inflation fell to 4.7% y-o-y in May, declining from 5.0% in April.
A joint statement by MAS and MTI highlighted the decrease in inflation for services and food as the driving factor.
MAS expects further moderation in MAS Core Inflation in H2 2023 due to reduced imported costs and the easing of tightness in the labor market.
The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry said that Singapore’s import prices have declined on year-on-year terms, easing global supply chain frictions.
However, unit labor costs are expected to rise further in the near term. Overall, MAS core inflation is expected to stay elevated in the next few months before slowing more discernibly in H2 2023.
Singapore’s economy grew by 0.1% YoY in Q1 2023, slower than the previous quarter’s 2.1%, as the manufacturing sector contracted by 6.0%. The construction sector continued to grow, while the services sector saw mixed performance.
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