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Singapore unemployment rate 1.9% in Jun-23

- Singapore's unemployment rate stood at 1.9% in June 2023, remaining unchanged from the previous period.
- The current unemployment rate is 0.05 percentage points below the one-year average and 0.62 percentage points below the long-run average, indicating a positive trend in employment.

Singapore industrial production -4.83% y-o-y (consensus -6.8) in Jun-23

- Singapore's industrial production contracted by 4.83% year-on-year in June 2023, outperforming market expectations of a larger decline. This marks the highest growth since April 2023.
- However, the current industrial production level remains significantly below historical averages, indicating ongoing weaknesses and a deviation from the sector's typical performance over the long run.

Singapore CPI inflation 4.51% y-o-y (consensus 4.55%) in Jun-23

- Singapore's CPI inflation dropped to 4.51% y-o-y in June 2023, marking the lowest growth since February 2022.
- The current CPI inflation is 1.79 percentage points below the one-year average and 1.93 percentage points above the long-run average.

Singapore GDP growth 0.3% q-o-q in Q2-23

- Singapore's GDP growth in Q2-23 improved to 0.3% q-o-q, the highest since Q3-22, but remains below the long-run average.
- Other economic indicators, such as industrial production, manufacturing PMI, and retail sales, provide mixed signals about the overall economic performance.