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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.

Singapore Retail Sales 1.7% m-o-m in Aug-23

- Singapore's retail sales in August 2023 grew by 1.7% m-o-m, marking the highest growth since March 2023 and exceeding the previous month's growth rate of 0.8% (revised from 0.6%).
- Compared to the one-year average, August 2023 retail sales growth is 2.04pp higher, indicating a robust recovery for the retail sector. Additionally, the y-o-y growth rate stands at 4.0%, highlighting sustained positive performance.

Singapore PMI Composite 54.2 in Sep-23

- Singapore's PMI Composite increased to 54.2 in September 2023, indicating a robust recovery in the manufacturing sector and overall economic activity.
- The PMI reading surpasses the previous month's level and stands significantly higher than the long-term average, signaling above-average growth and positive momentum in Singapore's economy.