MTI Singapore

Announced at the Committee of Supply (COS) debate 2023, MTI will focus on building the momentum of Singapore Economy 2030 vision and direct efforts in four priority areas – 𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡𝐞𝐧 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞𝐧𝐞𝐬𝐬, 𝐃𝐞𝐯𝐞𝐥𝐨𝐩 𝐄𝐧𝐭𝐞𝐫𝐩𝐫𝐢𝐬𝐞𝐬, 𝐔𝐧𝐥𝐨𝐜𝐤 𝐑𝐞𝐬𝐨𝐮𝐫𝐜𝐞 𝐂𝐨𝐧𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬, 𝐚𝐧𝐝 𝐃𝐞𝐞𝐩𝐞𝐧 𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩𝐬. We will continue to support businesses and workers, not only to cope with near-term challenges but to transform and thrive in the future economy.

For more information on #MTICOS2023, visit www.mti.gov.sg/COS2023

Consumer Price Developments – October 2022

​​Singapore’s Consumer Price Index (CPI)-All Items inflation fell to 6.7% year-on-year in October, from 7.5% in September. MAS Core Inflation also slowed to 5.1%, from 5.3% the month before.

Globally, supply chain frictions have continued to ease and demand conditions in major economies have softened. However, Singapore’s imported inflation is expected to remain significant for some time as the prices of energy and food commodities remain high globally, and labour markets in major advanced economies continue to be tight.

MAS Core Inflation is projected to stay elevated in the next few quarters before slowing more discernibly in the second half of 2023. Read the full report here: bit.ly/3UiMqab

The Government will continue to monitor the inflation situation closely, and will spare no effort to help Singaporeans cope with rising costs, especially through targeted relief for segments of the society that most need it.

Economic Survey of Singapore 3Q 2022
 
In the third quarter of 2022, the Singapore economy grew by 4.1% on a year-on-year basis, bringing growth in the first three quarters of 2022 to 4.2%.
 
Taking this as well as the latest external and domestic developments into account, Singapore’s GDP growth forecast for 2022 has been narrowed to “around 3.5%”, from “3.0% to 4.0%”.
 
Looking ahead to 2023, Singapore’s GDP growth is expected to moderate to “0.5% to 2.5%” in tandem with the projected slowdown in the global economy.
 
Read the full report here: http://bit.ly/3EUTsNK

Consumer Price Developments – September 2022

While demand conditions in major economies have softened and supply chain frictions have continued to ease, Singapore’s imported inflation is expected to remain significant for some time. In particular, energy and food commodity prices remain high given ongoing supply constraints, while wage pressures remain strong in major advanced economies due to tightness in their labour markets.

Consumer Price Index (CPI)-All Items inflation remained unchanged at 7.5% on a year-on-year basis in September, while MAS Core Inflation increased to 5.3%, from 5.1% in August. Read the full report here: https://www.mti.gov.sg/Newsroom/Press-Releases/2022/10/Consumer-Price-Developments-in-September-2022

To provide further cost of living relief, Deputy Prime Minister and Minister for Finance Lawrence Wong announced an additional $1.5billion support package on 14 October 2022. Find out more about the package: https://go.gov.sg/oct-support-package