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Construction February 2020 Ministry of Trade and Industry Republic of Singapore website: www.mti.gov.sg email: [email protected] All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanised, photocopying, recording or otherwise, without the prior permission of the copyright holder. CONTENTS 02 50 90 MAIN INDICATORS CHAPTER 5 CHAPTER 7 OF THE SINGAPORE ECONOMY Balance of Payments Economic Outlook 06 56 94 CHAPTER 1 CHAPTER 6 FEATURE ARTICLE Economic Performance Sectoral Performance Innovation Space and the Cumulative Nature of 60 6.1 Technological Progress: A 14 Manufacturing Case Study of Singapore CHAPTER 2 Labour Market and 62 6.2 Productivity Construction 66 6.3 22 Wholesale & Retail Trade CHAPTER 3 Costs, Investments and Prices 68 6.4 Accommodation & Food Services 27 BOX 3.1 Business Cost 70 6.5 Conditions in Singapore’s Transportation & Storage Manufacturing and Services Sectors 72 6.6 Information & Communications 73 6.7 Finance & Insurance 78 6.8 42 Business Services CHAPTER 4 International Trade 80 BOX 6.1 Trends in E-commerce in the Services Sector 02 MAIN INDICATORS OF THE SINGAPORE ECONOMY OVERALL ECONOMY 2018 2018 2018 $503.4 billion 3.4% $80,705 GDP 2019 2019 at Current Real GDP 2019 GNI Market Prices $507.6 billion (Year-on-Year-Growth) 0.7% Per Capita $80,778 STRUCTURE OF THE ECONOMY IN 2019 Breakdown of Services Producing Industries Wholesale & Business Finance & Retail Trade Services Insurance 17.3% 14.8% 13.9% of Nominal VA of Nominal VA of Nominal VA Transportation Information & Accommodation Services Producing Manufacturing Industries & Storage Communications & Food Services 70.3% 20.9% 6.7% 4.3% 2.1% of Nominal VA of Nominal VA of Nominal VA of Nominal VA of Nominal VA Goods Producing Ownership Other Services Industries of Dwellings Industries 25.8% 3.8% 11.3% of Nominal VA of Nominal VA of Nominal VA LABOUR MARKET COST PRICES Employment Unit Labour Cost of Consumer Price Index (as at year end) Overall Economy - All Items 2018 2019 (Year-on-Year Growth) (Year-on-Year Growth) 3,714.8 3,778.0 2018 2019 2018 2019 thousand thousand 0.3% 2.8% 0.4% 0.6% Unit Business Cost Domestic Supply Unemployment Rate of Manufacturing Price Index 2018 2019 (Year-on-Year Growth) (Year-on-Year Growth) 2.1% 2.3% 2018 2019 2018 2019 -7.0% -3.0% 6.4% -3.2% Value-Added per Unit Labour Cost Singapore Manufactured Actual Hour Worked of Manufacturing Products Price Index (Year-on-Year Growth) (Year-on-Year Growth) (Year-on-Year Growth) 2018 2019 2018 2019 2018 2019 3.9% -1.5% -4.1% 3.2% 4.4% -3.3% 03 MERCHANDISE TRADE SERVICES TRADE Merchandise Exports Services Exports 2018 2019 2018 2019 $555,665 $532,514 $273,305 $279,398 million million million million 7.9% -4.2% 16.6% 2.2% Year-on-Year Year-on-Year Year-on-Year Year-on-Year Growth Growth Growth Growth Merchandise Imports Services Imports 2018 2019 2018 2019 $500,194 $487,712 $270,483 $271,535 million million million million 10.6% -2.1% 8.4% 0.4% Year-on-Year Year-on-Year Year-on-Year Year-on-Year Growth Growth Growth Growth Top 5 Services Exports Categories in 2019 Top Trading Partners in 2019 (Share of Total Services Exports) (Share of Total Merchandise Trade) 29% 28% 14% 10% 7% 13.4% 11.1% 10.9% Transport Other Financial Travel Telecomms, China Malaysia EU Services Business Services Services Computer and Services Information TOP 5 TRADING PARTNERS AND SHARE OF TOTAL MERCHANDISE TRADE IN 2019 13.4% China 10.9% EU 6.5% Taiwan 11.1% 10.3% Malaysia US CHAPTER 1 ECONOMIC PERFORMANCE ECONOMIC SURVEY OF SINGAPORE 2019 06 CHAPTER 1 | ECONOMIC PERFORMANCE CHAPTER 1 ECONOMIC PERFORMANCE QUARTERLY GDP GROWTH IN 2019 Real GDP grew by (Year-On-Year Growth) 2 0.7% in 2019 1.0% 1.0% 1 0.7% 0.2% 5 0 4.3% 1Q 2Q 3Q 4Q 4 3.4% 3 MAIN DRIVERS OF GDP GROWTH IN 2019 2 Finance Other Services Business Services 1 0.7% & Insurance Industries 0 2017 2018 2019 0.5% 0.3% 0.2% point contribution point contribution point contribution INCOME COMPONENTS OF GDP IN 2019 SOURCES OF GROWTH IN 2019 External Domestic Demand Demand Gross Operating Surplus Consumption 53% Expenditure 1.0 +0.6% point Taxes Less Compensation Subsidies of Employees 0.0 on Production 0.0% Changes in point 40% 7% Inventories -1.0 -1.1% Gross Fixed -0.2% Capital point point -2.0 Formation ECONOMIC SURVEY OF SINGAPORE 2019 CHAPTER 1 | ECONOMIC PERFORMANCE 07 OVERVIEW In the fourth quarter of 2019, the Singapore economy grew by 1.0 per cent on a year-on-year basis, faster than the 0.7 per cent growth in the previous quarter. The sectors which contributed the most to growth in the quarter were the finance & insurance sector, the other services industries, and the business services sector. For the whole of 2019, the economy expanded by 0.7 per cent, slower than the 3.4 per cent growth recorded in 2018. The finance & insurance sector was the largest contributor to GDP growth, followed by the other services industries, the business services sector and the information & communications sector. OVERALL PERFORMANCE The services producing industries collectively expanded by 1.5 per cent year-on-year in the fourth quarter, faster than Fourth Quarter 2019 the 0.8 per cent growth in the previous quarter. Among the services sectors, the information & communications sector The Singapore economy grew by 1.0 per cent year-on-year recorded the strongest growth at 4.5 per cent, followed by in the fourth quarter, faster than the 0.7 per cent growth in the finance & insurance sector (4.0 per cent) and the other the previous quarter (Exhibit 1.1). On a quarter-on-quarter services industries (3.3 per cent). seasonally-adjusted annualised basis, the economy expanded at a slower pace of 0.6 per cent, compared to the 2.2 per cent Meanwhile, the construction sector grew by 4.3 per cent growth in the preceding quarter. year-on-year in the fourth quarter, accelerating from the 3.1 per cent expansion in the third quarter. The growth of Exhibit 1.1: GDP and Sectoral Growth Rates in 4Q 2019 the sector was supported by both public sector and private sector construction works. Information & Comms 4.5 Construction 4.3 Full Year of 2019 Finance & Insurance 4.0 In 2019, the Singapore economy expanded by 0.7 per cent, Other Services Industries 3.3 slower than the 3.4 per cent growth in 2018 (Exhibit 1.2). Accommodation & Food 2.5 The manufacturing sector contracted by 1.4 per cent in Business Services 1.7 2019, a sharp reversal from the 7.0 per cent growth in 2018. The performance of the sector was pulled down by output Overall GDP Growth 1.0 declines in the electronics, chemicals, precision engineering Transportation & Storage 0.8 and transport engineering clusters. Wholesale & Retail Trade -1.9 Services producing industries as a whole grew by 1.1 per cent Manufacturing -2.3 in 2019, moderating from the 3.4 per cent growth in 2018. -4 -2 0 2 4 6 Among the services sectors, the information & communications Per Cent and finance & insurance sectors registered the fastest pace of growth in 2019. Specifically, the information & communications sector grew by 4.3 per cent, a moderation from the 6.5 per cent growth in 2018. The finance & insurance The manufacturing sector shrank by 2.3 per cent year-on-year sector expanded by 4.1 per cent, a slower pace of growth as in the fourth quarter, extending the 0.7 per cent contraction compared to the 7.2 per cent recorded in 2018. in the third quarter. The performance of the sector was weighed down by output declines in the electronics, chemicals, transport engineering and general manufacturing clusters. ECONOMIC SURVEY OF SINGAPORE 2019 08 CHAPTER 1 | ECONOMIC PERFORMANCE Exhibit 1.2: GDP and Sectoral Growth Rates in 2019 For the whole of 2019, all sectors contributed positively to GDP growth, with the exception of the manufacturing and Information & Comms 4.3 wholesale & retail trade sectors (Exhibit 1.4). The finance & insurance sector was the largest contributor to GDP Finance & Insurance 4.1 growth, at 0.5 percentage-points, followed by the other Construction 2.8 services industries (0.3 percentage-points), the business services sector (0.2 percentage-point) and the information Other Services Industries 2.6 & communications sector (0.2 percentage-point). Accommodation & Food 1.9 Exhibit 1.4: Percentage-Point Contribution to Growth in Real Business Services 1.4 GDP in 2019 (By Industries) Transportation & Storage 0.8 Overall GDP Growth 0.7 Overall GDP Growth 0.7 Finance & Insurance 0.5 Manufacturing -1.4 Other Services Industries 0.3 Wholesale & Retail Trade -2.9 Business Services 0.2 -4 -2 0 2 4 6 Information & Comms 0.2 Per Cent Construction 0.1 Transportation & Storage 0.1 Meanwhile, the construction sector grew by 2.8 per cent in 2019, a reversal from the 3.5 per cent contraction in 2018. Accommodation & Food 0.0 Growth in the sector was supported by both public sector Manufacturing -0.3 and private sector construction works. Wholesale & Retail Trade -0.5 -1 0 1 Contribution to Growth Per Cent In the fourth quarter, the finance & insurance sector and the other services industries collectively accounted for 82 per cent SOURCES OF GROWTH of overall GDP growth (Exhibit 1.3).
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