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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%.

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.

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.