World Economy/Singapore

🇸🇬

Singapore

SGP

Asia-Pacific • Sovereign Currency: SGD

Analyze Singapore with Schema AI

Nominal GDP

$0.53T

2024 Nominal

Annual GDP Growth

+5.4%

YoY Q3 2024 YoY

Inflation (CPI)

2.0%

Sep 2024 Headline YoY

Policy Rate

3.45%

SORA Overnight Composite

10Y Sovereign Yield

2.82%

Singapore 10Y SGS Bond

Unemployment Rate

1.8%

Q3 2024 Resident (MOM)

Debt-to-GDP

172.5%

2024 Non-Operational (SSS/SGS)

Trade Balance

+$5.8B

Oct 2024 Non-Oil Domestic Exports

BLOOMBERG ECONOMICS MONETARY POLICY TRANSMISSION

🇸🇬MONETARY AUTHORITY OF SINGAPORE POLICY DASHBOARD

Target Instrument: SORA Overnight / S$NEER Band • Sovereign: Singapore (SGP)

STANCE: neutral

Next Meeting: 2027-01-26

LOOSER CONDITIONSIN LINE WITH TARGETTIGHTER CONDITIONS

STATUTORY BENCHMARK

3.45%Unchanged (0 bps)

SORA Overnight / S$NEER Band

REAL CARRY SPREAD (r - π)

+1.45%

Neutral Equilibrium

OVERNIGHT BENCHMARK (SORA)

3.40%-5 bps

Singapore Overnight Rate Average

YIELD CURVE SLOPE (10Y - r)

-0.63%

Inverted Term Structure

WAGES & PRICES2 METRICS

Headline CPI Inflation (YoY)Sep 2024 Headline YoY

Anchored within standard statutory price stability corridor

MAS & MTI Joint Consumer Price DevelopmentsRef

2.00%

LOOSER

Distance to Inflation Target (2.0%)Sep 2024 Headline YoY

Inflation below 2% target anchor by 0.00 percentage points

MAS & MTI Joint Consumer Price DevelopmentsRef

0.00%

LOOSER

SUPPLY & DEMAND2 METRICS

Annual Real GDP Growth RateQ3 2024 YoY

Robust real economic expansion supporting labor demand

MTI SingaporeRef

5.40%

LOOSER

Unemployment Rate (Labor Slack)Q3 2024 Resident (MOM)

Tight labor market conditions with minimal civilian slack

Ministry of Manpower Singapore (MOM)Ref

1.80%

LOOSER

FINANCIAL CONDITIONS4 METRICS

SORA Overnight / S$NEER BandSORA Overnight Composite

Official statutory policy target rate set by Monetary Authority of Singapore

Monetary Authority of Singapore (MAS)Ref

3.45%

LOOSER

Real Carry Rate (Policy - CPI)Calculated

Positive real return regime delivering restrictive monetary drag

Monetary Authority of Singapore vs MAS & MTI Joint Consumer Price Developments

+1.45%

LOOSER

10-Year Sovereign Benchmark YieldSingapore 10Y SGS Bond

Long-term sovereign borrowing benchmark discounting term premium & inflation risk

Monetary Authority of Singapore (SGS)Ref

2.82%

LOOSER

Yield Curve Slope (10Y - Policy Rate)Calculated

Inverted yield curve by 0.63% signaling restrictive monetary drag

Sovereign Debt Desk vs Central Bank Target

-0.63%

TIGHTER

EXTERNAL & FISCAL2 METRICS

Current Account / Trade BalanceOct 2024 Non-Oil Domestic Exports

Trade balance surplus reinforcing sovereign foreign exchange buffer

Enterprise SingaporeRef

+$5.8B

MILD LOOSE

General Government Debt / GDP2024 Non-Operational (SSS/SGS)

High public debt burden consuming fiscal policy maneuverability

Ministry of Finance Singapore / MASRef

172.50%

TIGHTER

HISTORICAL RATE DECISION TRAJECTORY (SORA OVERNIGHT / S$NEER BAND)

Verified Chronological Decisions

2026-10-09

3.45%

Policy Assessment Summary: Singapore exchange-rate based policy framework.

Key Domestic Equities & Capital Markets

Major corporate champions tracked in WOWS with sovereign economic exposure

Index: Straits Times Index (STI)

GRAB• Superapp & Mobility

Grab Holdings