PESTLE Insights: Singapore – Macroeconomic Outlook Report

Singapore’s Central region acts as hub for most of the financial and professional services firms. West region is dominated by port and water transport industry due to proximity to the port, while East region is dominated by airlines industry due to proximity to Changi Airport


Financial intermediation, real estate and business activities contributed 32.0% to the gross value added (GVA) in 2017, followed by mining, manufacturing and utilities (20.5%) and wholesale, retail and hotels (19.7%). In nominal terms, the three sectors are expected to grow by 3.3%, 2.9% and 4.7%, respectively, in 2018.


– The Ministry of Transport is expected to spend SGD13.7 bn (US$10.3 bn) in FY2018, an increase of 52.6% from the previous year.

– As per the Logistics Performance Index, Singapore’s rank declined to seventh position in 2018 from fifth position in 2016.

– Majority of inward FDI was towards financial and insurance services sector in 2016

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

Singapore Airlines

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Table of Contents

Table of Contents

Table of Contents 2

List of Exhibits 3

Did you Know? 4

Country Highlights 5

Country Snapshot 7

PESTLE Insights 21

Political Landscape 22

Economic Landscape 23

Social Landscape 30

Technological Landscape 33

Legal Landscape 36

Environmental Landscape 37

Outlook 38

List of Figures

List of Figures

Exhibit 1: Singapore’s Performance in Country Risk Analysis in Comparison to Asia-Pacific and the World Average 11

Exhibit 2: Performance Overview (Score: 1-100) 11

Exhibit 3: Broad Categories and Weights behind the Index 12

Exhibit 4: Singapore Stock Market-strait Times Index (STI) 14

Exhibit 5: Key Sectors Contribution to the Economy 15

Exhibit 6: : FDI inflows (20102016) and share of FDI inflow by industry (2016) and FDI by industry (20122016) 16

Exhibit 7: Foreign investment by region (2013-2016) and share of foreign investment by investing countries (2016) 18

Exhibit 8: Key Infrastructure Indicators 20

Exhibit 9: Real GDP and Household Consumption Growth Rate 24

Exhibit 10: Real GDP Growth Rate Comparison (2017) 24

Exhibit 11: Export, Import and Trade Balance 25

Exhibit 12: Current Account Balance 25

Exhibit 13: Top Three Commodity Exports, % of Total Exports, 2013-2016 26

Exhibit 14: Electrical machinery and equipment, % share in world exports, 2017 26

Exhibit 15: Interest Rates 28

Exhibit 16: Exchange Rate 28

Exhibit 17: Public Finance 29

Exhibit 18: General Government Debt 29

Exhibit 19: Employment/Unemployment 31

Exhibit 20: Average Annual Wages 31

Exhibit 21: Labour Cost Index 31

Exhibit 22: Rural/Urban Share in Total Population 32

Exhibit 23: Age-group Share of Total Population 32

Exhibit 24: Age-dependency ratio 32

Exhibit 25: Internet Users % of Total Population, Mobile Penetration Rate and Broadband Penetration Rate, 2016 34

Exhibit 26: Number of Patents Granted Per M Inhabitants, 2015 35

Exhibit 27: High-technology Exports (% of manufactured exports) 35

Exhibit 28: Doing Business in Singapore 2018 36

Exhibit 29: Corruption Perception Index (Rankings) 2017 36

Exhibit 30: CO2 Emissions 37


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