Singapore PESTLE Insights – A Macroeconomic Outlook Report

Financial intermediation, real estate and business activities contributed 24.7% to Singapore’s gross value added (GVA) in 2022, followed by mining, manufacturing and utilities activities (22.7%), and wholesale, retail and hotels activities (21.4%). In nominal terms, the three sectors are forecasted to grow by 6.6%, 7.8%, and 7.0%, respectively, in 2023.

Singapore’s central region acts as hub for most of the financial and professional services firms. The western region is dominated by the port and water transport industry due to its proximity to the port, while the eastern region is dominated by the airline industry due to its proximity to Changi Airport.

Scope

In 2021, according to Singapore’s Deputy Prime Minister, the government issued $68 billion in new bonds to fund substantial infrastructure projects over a span of the next 15 years.

Reasons to buy

Macroeconomic Outlook Report identifies the potentials of the country as an investment destination by analyzing the political, economic, social, technological, legal and environmental (PESTLE) structure.

PESTLE Insights provides 360 degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials and direction of operations

Along with providing the country’s snapshot, the report captures the risk factors pertaining to the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure and natural and geographic aspects that might impact business.

This report also highlights key clusters/cities which contribute significantly to the country GDP and population along with major companies’ presence in these areas.

Companies mentioned

Olam

Wilmar

OCBC Bank

Table of Contents

List of Exhibits

Did You Know?

Country Highlights

Key Economic Updates

Country Snapshot

Political Landscape

Economic Landscape

Social Landscape

Technological Landscape

Legal Landscape

Environmental Landscape

Outlook

List of Tables

Exhibit 1: Singapore’s performance in terms of its country risk analysis in comparison to Asia-Pacific and the World average

Exhibit 2: Performance overview (score: 0-100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: FSSTI Index, (October 2022 – October 2023)

Exhibit 5: Key sectors contribution to the economy (2017–24f)

Exhibit 6: FDI inflows, FDI outflows, FDI inward stock and FDI outward stock (2018–22)

Exhibit 7: Greenfield FDI projects and net cross border M&As seller deals (2018–22)

Exhibit 8: Key infrastructure indicators (2020)

Exhibit 9: Real GDP and household consumption growth rate (2018–25f)

Exhibit 10: Real GDP growth rate comparison (2022)

Exhibit 11: Volume of exports and imports growth (2018–25f)

Exhibit 12: Current account balance (2018–25f)

Exhibit 13: Top three commodity exports, % of total exports (2018–22)

Exhibit 14: Exports of electrical machinery and equipment and parts thereof, % of world total (2022)

Exhibit 15: Interest rates (October 2018 – October 2023)

Exhibit 16: Exchange rate and inflation (2018–25f)

Exhibit 17: Public finance (2018–25f)

Exhibit 18: General government debt (2018–25f)

Exhibit 19: Unemployment rate (2018–25f)

Exhibit 20: Average annual wages (2018–25f)

Exhibit 21: Labor cost index (2018–25f)

Exhibit 22: Rural/urban share of total population (1995, 2005, 2015, 2025f)

Exhibit 23: Age-group share of total population (1995, 2005, 2015, 2025f)

Exhibit 24: Gender split (1995, 2005, 2015, 2025f)

Exhibit 25: Internet users as a percentage of total population, mobile penetration rate and broadband penetration rate (2022)

Exhibit 26: Number of patents granted per million population (2022)

Exhibit 27: High-technology exports, % of manufactured exports (2021)

Exhibit 28: Rule of law (rankings), 2022

Exhibit 29: Corruption perceptions index (rankings) (2022)

Exhibit 30: Renewable energy capacity (2017–21)

Exhibit 31: CO2 emissions (2018–22)

List of Figures

List of Figures

Exhibit 1: Singapore’s performance in terms of its country risk analysis in comparison to Asia-Pacific and the world average

Exhibit 2: Performance overview (score: 1-100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: Singapore strait times (FSSTI index)

Exhibit 5: Exchange rate, daily basis (October 2021 – October 2022)

Exhibit 6: Key sectors’ contribution to the economy

Exhibit 7: FDI inflows to Singapore, FDI outflows from Singapore, and FDI inward stock, FDI outward stock (2017-21)

Exhibit 8: Value and number of Greenfield FDI projects in Singapore and net cross border M&As purchases in Singapore (2017-21)

Exhibit 9: Key infrastructure indicators

Exhibit 10: Real GDP and household consumption growth rate (2017-24f)

Exhibit 11: Real GDP growth rate comparison (2021)

Exhibit 12: Export, import and trade balance (2017-24f)

Exhibit 13: Current account balance (2017-24f)

Exhibit 14: Top three commodity exports, % of total exports (2017-21)

Exhibit 15: Natural pearls and precious stones, % of total exports (2021)

Exhibit 16: Interest rates (August 2018 – August 2022)

Exhibit 17: Exchange rate and inflation (2017-2024f)

Exhibit 18: Public finance (2017-24f)

Exhibit 19: General government debt (2017-24f)

Exhibit 20: Unemployment rate (2017-24ff)

Exhibit 21: Average annual wages (2017-24f)

Exhibit 22: Labor cost index (2017-24f)

Exhibit 23: Rural/urban share of total population (1995, 2005, 2015, 2025)

Exhibit 24: Age-group share of total population (1995, 2005, 2015, 2025)

Exhibit 25: Gender split (1995, 2005, 2015, 2025)

Exhibit 26: Internet users % of total population, mobile penetration rate and broadband penetration rate (2020)

Exhibit 27: Number of patents granted per million population (2020)

Exhibit 28: High-technology exports (% of manufactured exports) (2020)

Exhibit 29: Doing business in Singapore (2021)

Exhibit 30: Corruption perceptions index (rankings) (2021)

Exhibit 31: CO2 emissions (2017-21)

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