Charting Singapore s Economy, 1H 2017

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1 Charting Singapore s Economy, 1H 2017 Designed to help executives interpret economic numbers and incorporate them into company s planning. Publication Date: January 3 rd, 2017 Next Issue: To be published on July 3 rd, 2017

2 HELPING EXECUTIVES AROUND THE WORLD INTERPRET ECONOMIC NUMBERS Argentina Australia Brazil Brunei Cambodia Canada Chile China Hong Kong India Indonesia Laos Malaysia Mexico Myanmar New Zealand Peru Philippines Russia Singapore South Africa South Korea Taiwan Thailand Turkey United Kingdom United States Vietnam

3 EXECUTIVE SUMMARY ECONOMIC PROFILE ECONOMIC OUTLOOK Structure Competitiveness Development Growth Stability Singapore is the fourth largest economy in ASEAN with USD 293 billion GDP in 2015 In term of population, Singapore is the second smallest country in ASEAN with only 5.7 million people Unfavorable demographic structure for Singapore with relatively old population and declining working age group It has long been a trading (service) economy, with external demand far exceeding domestic one Singapore s economy relies on international trade much more than any other ASEAN economy Singapore s economy is service based with strong Manufacturing presence Economic Structure Part of the country s economic profile, economic structure section gives readers useful views to understand economic fundamental and determine what matters for the country s economy. 5

4 Singapore is the fourth largest economy in ASEAN with USD 293 billion GDP in GDP USD billion, Market Exchange Rate US China Japan Germany UK ASEAN* France India Italy Brazil* Canada Korea Russia Australia Spain 4,124 3,365 2,858 2,433 2,420 2,073 1,816 1,773 1,551 1,378 1,326 1,225 1,200 18,037 11,182 Indonesia Thailand Malaysia Singapore Philippines Vietnam Myanmar 62.9 Cambodia* 17.8 Brunei 12.9 Laos* 12.6 Measuring the size of an economy Size of any economy is usually measured by calculating its Gross Domestic Product (GDP) which is the market value of all officially recognized final goods and services produced within a country in a given period of time. To compare GDP internationally, there is a need to convert value in local currencies to one main currency, normally USD. There are two popular exchange rate to be used. The first one is the official exchange rate for that particular period. The second one is the so called Purchasing Power Parity exchange rate, which takes into account the difference in living expenses between countries. The first method is more popular in comparing the size of each economy. Size of Singapore s economy Using the market exchange rate method, Singapore s GDP is around USD billion in 2015, slightly lower than that of Malaysia and quite close to that of the Philippines. Mexico 1,144 Note: (*) IMF Estimate Source: IMF World Economic Outlook Database October

5 Wages in Singapore is highest in ASEAN and comparable to advanced economies Average monthly wages in Asia and the Pacific 2013 or latest available year (US$) Australia (2013) Singapore (2013) New Zealand (2013) Japan (2013) South Korea (2013) Hong Kong (2013) Malaysia (2013) China (2013) Samoa (2012) Mongolia (2012) Thailand (2013) India (2011/12) Philippines (2013) Vietnam (2013) Indonesia (2013) Cambodia (2012) Pakistan (2013) Nepal (2008) 4,642 3,694 3,419 3,320 2,841 1, International Wage Comparison Due to differences in definitions and coverage, comparing average wages across countries is not always straightforward. The chart presents information on wage levels for countries with broadly comparable data, compiled by International Labor Organization from comprehensive National Labor Force Surveys. Wages in Singapore Average monthly wages in Singapore in 2013 was around USD 3,694, by far the highest in ASEAN. Singapore s wage level is comparable to advanced economies. Source: ILO Global Wage Report 2014/15 Asia and the Pacific Supplement 14

6 Singapore economic expansion slowed down in 3Q16 with 1.1% year on year growth Real GDP growth Year-on-year, 3Q16 India Philippines China Vietnam Indonesia New Zealand Malaysia Thailand South Korea Taiwan Hong Kong Australia United States Euro area Japan Singapore 1.1% 1.1% Singapore s Real GDP growth Year on year, last 8 quarters 7.3% 2.8% 7.1% 2.7% 6.7% 6.4% 5.0% 2.0% 2.0% 4.5% 1.7% 1.8% 1.8% 4.3% 3.2% 2.6% 1.1% 2.0% 1.9% 1.8% 1.7% 1.7% 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 GDP growth in the latest quarter Real GDP growth in the latest quarter from major economies in the world sorted from highest to lowest. GDP growth for Singapore s economy in 3Q16 Singapore economic expansion slowed down in 3Q16 with 1.1% year-on-year growth. This growth level is lower than in most major economies in the region. Source: The Economist, Department of Statistics, Singapore; Charting Economy analysis 32

7 Sharp drop in SGD value against USD during the second half of 2016 Singapore Dollar Exchange Rate Per USD, mid point Singapore Dollar Value Indexed per USD, mid point, 31/12/15 = Exchange rate A stable exchange rate is preferred in the world where most countries adopt floating rate policy. Volatile exchange rate can certainly harm international trade and investment. YTD change in Singapore Dollar Sharp drop in SGD value against USD during the second half of 2016, possibly due to both external factors (Fed decision, Brexit, Trump etc.) and internal economic slow down /12/15 31/03/16 30/06/16 30/09/ /12/15 31/03/16 30/06/16 30/09/ Source: Oanda 44

8 Singapore is the easiest place in ASEAN to start a business Starting a business rank Cost - Paid-in min. Procedure - Cost - Men Procedure - Time - Time - Men Women (% capital (% of Economy Rank DTF* Men (% of income Women Women (days) of income income per (number) per capita) (number) (days) per capita) capita) New Zealand Hong Kong SAR, China Singapore Aus tralia Korea, Rep Taiwan, China Thailand Brunei Darussalam Japan Malaysia Vietnam China Timor-Leste Myanmar Indonesia India Lao PDR Philippines Cambodia Central African Republic Starting a Business This topic measures the paid-in minimum capital requirement, number of procedures, time and cost for a small- to medium-sized limited liability company to start up and formally operate. To make the data comparable across 190 economies, Doing Business uses a standardized business that is 100% domestically owned, has start-up capital equivalent to 10 times income per capita, engages in general industrial or commercial activities and employs between 10 and 50 people one month after the commencement of operations, all of whom are domestic nationals. The most recent round of data collection for the project was completed in June Starting a Business in Singapore Singapore is the easiest place in ASEAN to start a business with very low cost and short amount of time. Note: (*) An economy s distance to frontier score is indicated on a scale from 0 to 100, where 0 represents the worst performance and 100 the frontier Source: Doing Business

9 I d SUBSCRIPTION ORDER FORM Complete the steps below or do it online at like to order the following package(s) ASIAPAC Australia 1H2017 USD 99 China 1H2017 USD 99 Hong Kong 1H2017 USD 99 India 1H2017 USD 99 New Zealand 1H2017 USD 99 South Korea 1H2017 USD 99 Taiwan 1H2017 USD 99 AUS & NZ 1H2017 USD 139 China HK Taiwan 1H2017 USD 189 AMERICA Argentina 1H2017 USD 99 Brazil 1H2017 USD 99 Canada 1H2017 USD 99 Chile 1H2017 USD 99 Mexico 1H2017 USD 99 Peru 1H2017 USD 99 United States 1H2017 USD 99 LATAM5 1H2017* USD 319 ASEAN Brunei 1H2017 USD 99 Cambodia 1H2017 USD 99 Indonesia 1H2017 USD 99 Laos 1H2017 USD 99 Malaysia 1H2017 USD 99 Myanmar 1H2017 USD 99 Philippines 1H2017 USD 99 Singapore 1H2017 USD 99 Thailand 1H2017 USD 99 Vietnam 1H2017 USD 99 CLMB 1H2017** USD 239 ASEAN6 1H2017*** USD 379 OTHERS Russia 1H2017 USD 99 South Africa 1H2017 USD 99 Turkey 1H2017 USD 99 United Kingdom 1H2017 USD 99 BRIC 1H2017**** USD 249 Please invoice me using the details below We accept credit card / Paypal / bank transfer. More details on the payment will be provided in the invoice. Scan Save 20% When order 2 or more individual-country reports Name : Company : Address : Country : Signature : and return this form to It s easier to fill this form online, go to Note: (*) Argentina, Brazil, Chile, Mexico and Peru; (**) Cambodia, Laos, Myanmar and Brunei (***) Indonesia, Thailand, Malaysia, Singapore, Philippines and Vietnam; (****) Brazil, Russia, India and China Charting Economy Helping Executives Interpret Economic Numbers Managed by Chart Maker Co., Ltd. (registered no ) 19 Moo 11, Lamlukka rd., Lamlukka district, Pathumthani, Thailand 12150

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