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Singapore Unemployment rate 2.0% in Q3-23

- Singapore's unemployment rate stood at 2.0% in Q3-23, representing a marginal increase of 0.1 percentage points compared to the previous quarter.
- This unemployment level is only 0.08 percentage points above the one-year average but 0.24 percentage points below the long-run average.

Singapore CPI Inflation 4.1% y-o-y (consensus 4.1%) in Sep-23

- Singapore's CPI inflation ticked up to 4.1% year-on-year in September 2023, the highest growth rate since June 2023, as expected.
- The current rate still falls below the one-year average by 1.38 percentage points, suggesting an improving trend, especially with core inflation falling surprisingly far to 3%.

Monetary Authority of Singapore: Oct-23

• MAS maintains the current appreciating path of the S$NEER policy band, emphasizing its commitment to medium-term price stability and controlling imported inflation amidst global economic uncertainties.
• Future policy decisions will be influenced by global economic conditions, inflation trends, domestic economic performance, labor market conditions, and potential external shocks and risks.
• The shift to a quarterly monetary policy statement schedule from 2024 indicates MAS's dedication to enhanced communication and transparency, which could lead to more frequent policy adjustments in response to economic changes.

Singapore GDP Growth 0.7% y-o-y (consensus 0.4%) in Q3-23

- Singapore's GDP growth in Q3-23 increased to 0.7% y-o-y, contrary to the 0.4% consensus, but it remains below the one-year average by 0.23 pp and significantly under the long-run average by 3.23 pp.
- Q3-23 saw a 4.0% q-o-q annualised growth in Singapore's GDP, double the consensus, indicating an acceleration of economic activity.