Singapore to release Q3 GDP flash data, MAS monetary policy decision on Oct 14

Last month, private-sector economists polled by MAS forecast the economy to shrink by 7.6 per cent year on year.
Last month, private-sector economists polled by MAS forecast the economy to shrink by 7.6 per cent year on year.ST PHOTO: TIMOTHY DAVID

Singapore - The Ministry of Trade and Industry (MTI) will release its advance estimates for Singapore's third-quarter gross domestic product on Oct 14 at 8am.

On the same day, also at 8am, the Monetary Authority of Singapore (MAS) will issue its semi-annual monetary policy decision.

Last month, private-sector economists polled by MAS forecast the economy to shrink by 7.6 per cent year on year, easing from the record 13.2 per cent plunge in the second quarter.

They also lowered slightly their 2020 forecast for Singapore's economy, but turned more bullish over the strength of a recovery next year, suggesting that the worst of the coronavirus-induced recession has passed. Their new view was that GDP will fall by 6 per cent this year, compared with the 5.8 per cent drop prediction in the previous June survey.

MTI in August lowered its outlook for the fifth time this year, with the economy now forecast to shrink by 5 per cent to 7 per cent in 2020.

As for monetary policy, which is centred on managing the Singapore dollar, all 13 economists in a Reuters poll last week forecast that MAS will keep its policy settings unchanged on hopes that the Singapore economy will recover as the Republic further loosens Covid-19 curbs and on expectations that Budget measures will be the main driver of a rebound.