Singapore Monetary Policy Statement

Extract from the Monetary Authority Statement

"Singapore’s GDP growth came in at 1.1% in Q1 2015 on a quarter-on-quarter seasonally adjusted annualised basis, following the 4.9% recorded in Q4 2014.  

The finance & insurance sector likely registered some pullback in activity, after an exceptionally strong performance in the preceding quarter. 

Meanwhile, the manufacturing sector remained lacklustre, reflecting the weakness in the electronics, precision engineering and transport engineering clusters. 

In comparison, the construction sector expanded strongly in Q1 2015, bolstered by the residential building segment.  

GDP is on track to grow at 2–4% in 2015, 

   In January 2015, MAS reduced the slope of the Singapore dollar nominal effective exchange rate (S$NEER) policy band, with no change to its width and the level at which it was centred.  This adjustment to the policy stance, which kept the S$NEER band on a modest and gradual appreciation path, was assessed to be appropriate in view of the more benign inflation outlook.

  "

Source: Monetary Authority of Singapore 

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