Analysis of the Singapore Property Market in 2023

Surprisingly, Singapore’s residential property prices continue to rise strongly, despite falling demand. In the first quarter of 2023, the private residential property index increased by 11.44% as compared to a year earlier, following y-o-y rises of 8.64% in Q4 2022, 13.61% in Q3, 10.64% in Q2 and 7.77% in Q1, according to figures released by the Urban Redevelopment Authority (URA). When adjusted for inflation, prices were up by 5.59% y-o-y in Q1 2023.

Singapore’s house price annual change

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During the latest quarter (i.e. q-o-q in Q1 2023), residential property prices increased by a modest 3.29% (1.99% inflation-adjusted).

By region:

• In Core Central Region (CCR), prices of non-landed private residential properties rose by 5.77% (0.22% inflation-adjusted) in Q1 2023 from a year earlier, following y-o-y increases of 4.98% in Q4 2022, 6.88% in Q3, 3.98% in Q2 and 3.2% in Q1, according to URA. Quarter-on-quarter, prices increased slightly by 0.83% (but declined 0.44% when adjusted for inflation) during the latest quarter.
• In the Rest of Central Region (RCR), property prices soared by a huge 17.72% (11.54% inflation-adjusted) in Q1 2023 from the previous year – one of the highest y-o-y growth seen in recent history. Quarter-on-quarter, prices rose by 4.39% (3.09% inflation-adjusted) in Q1 2023.
• In Outside Central Region (OCR), property prices rose by 8.92% (3.2% inflation-adjusted) during the year to Q1 2023, following y-o-y increases of 9.59% in Q4 2022, 18.58% in Q3, 10.21% in Q2 and 9.97% in Q1. During the latest quarter, prices increased by 1.88% (0.6% inflation-adjusted).

 Residential property prices in Singapore rose by a cumulative 37.5% (22.2% inflation-adjusted) from 2016 to 2022, after falling by about 8% (7% inflation-adjusted in the three years prior.

Though demand is now falling rapidly, amidst the introduction of new rounds of market-cooling measures. During 2022, total home sales, which include new sales, sub-sales, and resales, plunged by 34.8% year-on-year to 21,890 units, in sharp contrast to a huge 60.5% increase in 2021, according to URA figures. The weakness of the market continued this year, with total home sales dropping by a huge 22.9% to 4,121 units in Q1 2023 as compared to a year earlier. Demand is expected to continue falling during the remainder of the year.

In Q1 2023, there were 1,312 uncompleted private residential units launched in Singapore, more than double the 613 units launched in Q1 2022 but only about a third of the 3,716 units launched two years ago.

Singapore’s economy grew by a modest 3.6% during 2022, following a 7.6% expansion in 2021 and a 4.1% contraction in 2020, according to the Ministry of Trade and Industry (MTI), buoyed by strong growth in construction, services, and wholesale and retail trade. Yet uncertainty remains high due to persistent inflation, disruptions from Russia’s invasion of Ukraine, and the global economic slowdown. In Q1 2023, Singapore registered a meager economic growth of just 0.4% as compared to a year ago, its lowest increase since a contraction in Q4 2020. The MTI expects the overall economy to grow by 0.5% to 2.5% this year.

Prices of newly-launched developments

Prices in newly launched residential developments in 2023 (based on Savills Q3 2022, Q4 2022, and Q1 2023 reports):

In Core Central Region (CCR):

• In the Hill House, located at Institution Hill, prices of residential units ranged from SG$2,783 (US$2,058) to SG$3,168 (US$2,343) per sq. ft.
• In the Enchante, at Evelyn Road, residential units are sold for SG$2,647 (US$1,958) to SG$2,703 (US$1,999) per sq. ft.

 In the Rest of the Central Region (RCR):

• In Terra Hill, located at the Yew Siang Road, residential units are priced from SG$2,233 (US$1,651) to SG$2,922 (US$2,161) per sq. ft.

In the Outside Central Region (OCR):

• In Sceneca Residence, at Tanah Merah Kechil Link, prices of residential units ranged from SG$1,926 (US$1,424) to SG$2,374 (US$1,756) per sq. ft.
• In The Botany at Dairy Farm, situated on the Dairy Farm Walk, residential units are priced from SG$1,712 (US$1,266) to SG$2,297 (US$1,699) per sq. ft.
• In Pollen Collection, located in the Pollen View, residential units are sold for SG$1,407 (US$1,041) to SG$2,191 (US$1,620) per sq. ft.
• In Kovan Jewel, located at Kovan Road, prices of residential units ranged from SG$2,063 (US$1,526) to SG$2,200 (US$1,627) per sq. ft.
• In AMO Residence, on Ang Mo Kio Rise, residential units are priced from SG$1,890 (US$1,398) to SG$2,406 (US$1,779) per sq. ft.
• In Lentor Modern, located in Lentor Central, prices of residential units ranged from SG$1,837 (US$1,359) to SG$2,513 (US$1,858) per sq. ft.
• In Sky Eden, in Bedok Central, residential units are sold for SG$1,854 (US$1,371) to SG$2,286 (US$1,691) per sq. ft.

New rounds of property curbs

In September 2022, the Singaporean government introduced new rounds of market-cooling measures to restrain property demand and encourage prudent borrowing. These include the following:

• The medium-term interest rate floor used to compute the total debt servicing ratio (TDSR) and mortgage servicing ratio (MSR) was raised by 0.5 percentage points for property loans granted by private financial institutions;
• An interest rate floor of 3% for Housing and Development Board (HDB) loan eligibility letter applications from September 30, 2022, was introduced; and,
• The loan-to-value (LTV) limit for HDB housing loans was lowered further from 85% to 80% of the flat value (after it was lowered from 90% to 85% in December 2021), effectively lowering the amount that home buyers can borrow;
• A 15-month wait period for current and former owners of private residential property to purchase a non-subsidized HDB resale flat was imposed from September 30, 2022, onwards.

These measures came after previous curbs in December 2021 raised additional buyer’s stamp duty (ABSD) rates for nearly all types of buyers.

In an expected move to restrain speculative buying and restrain house price increases, the government introduced another round of measures in April 2023, raising the ABSD rates further to “promote a sustainable property market and prioritize housing for owner-occupation,” said the Monetary Authority of Singapore (MAS), Ministry of Finance (MOF), and Ministry of National Development (MND) in a joint statement.

“Demand from locals purchasing homes for owner-occupation has been especially strong, and there has also been renewed interest from local and foreign investors in our residential property market,” said the authorities. “If left unchecked, prices could run ahead of economic fundamentals, with the risk of a sustained increase in prices relative to incomes.”

For Singaporean citizens, in April 2023 the ABSD rate was raised from 17% to 20% for those buying their second residential property, and from 25% to 30% for those buying their third and subsequent properties.

For permanent residents (PRs), the additional buyer’s stamp duty (ABSD) for second residential property purchases will rise from 25% to 30% and from 30% to 35% for third and subsequent property purchases.

Foreigners buying any residential property will now pay an ABSD flat rate of 60%, double the prior rate of 30%. For entities buying any residential property, the ABSD rate was also raised from 35% to 65%.

Singapore government firmly restrains property prices

The moderation of house prices over the past years is the result of deliberate government policy.

Before and after the global economic crisis, Singapore’s property market surged. The residential property price index rose 38.2% during the space of only one year to Q2 2010 (34% inflation-adjusted).

The Singapore government sensibly took steps, and when these turned out to be not enough, took further measures.

In October 2012 it limited the mortgage term to 35 years and lowered loan-to-value (LTV) ratios to 60% for loans longer than 30 years (or loans stretching beyond age 65).

This was only the first of 10 rounds of property-market cooling measures.

Seller’s stamp duty (SSD) was then introduced on owner-occupied housing sold within a year of purchase. A little later, the stamp duty was revised upwards, with sales of owner-occupied houses taxed sold within a year of acquisition taxed at 16% of the sale price. Then the holding period was increased from one year to four years. In subsequent rounds, LTV ratios were lowered and the minimum cash down payment increased.

Despite these measures, property prices kept surging. In the sixth round, new residential loans were capped at 35 years, with existing loans over 35 years facing tighter LTV ratios. In the seventh round, the government revised the additional buyer’s stamp duty (ABSD), increasing rates from 5% to 7% for Permanent Residents (PRs) first residential property purchase, and Singaporeans’ second residential purchase.

This resulted in a 23.5% decline in sales transactions within a year, but prices continued to surge till the end of 2013.

Eighth, ninth, and tenth rounds of market-cooling measures followed.

These market-cooling measures have been effective, as evidenced by the 10% decline in property prices from 2014 to 2017.

After partially relaxing its market-cooling measures in March 2017, the Singaporean government reversed gear after 2017 sales reached 25,010 units, up 52.7% y-o-y - the biggest increase since 2009, according to URA.

From July 6, 2018, the ABSD rates were raised by 5% for all homebuyers and by 10% for entities, except for Singaporean citizens (SCs) and permanent residents (PRs) purchasing their first residential property. An additional ABSD of 5% was also introduced for developers buying residential properties for housing development.

The government also tightened loan-to-value (LTV) limits on residential property loans from 80% to 75%.

Also, the government raised the stamp duty on home purchases with a value exceeding SG$ 1 million (US$ 737,517) from 3% to 4% in February 2018.

These property curbs have successfully restrained the market in recent years.

Residential property sales plunging

Demand is now falling sharply, amidst the introduction of new rounds of market-cooling measures. During 2022, total home sales, which include new sales, sub-sales and resales, plunged by 34.8% year-on-year to 21,890 units, in sharp contrast to a huge 60.5% increase in 2021, according to URA figures. The weakness of the market continued this year, with total home sales dropping by a huge 22.9% to 4,121 units in Q1 2023 as compared to a year earlier.

In Q1 2023:

• Uncompleted private residential property sales fell by 34.4% y-o-y to 1,163 units.
• Completed private residential property sales rose by 82.4% y-o-y to 93 units.
• Sub-sales skyrocketed by 72.3% y-o-y to 243 units.
• Re-sales were down by 22.4% y-o-y to 2,622 units.

By region:

• In Core Central Region, property sales rose by 21.1% to 1,091 units in Q1 2023 from a year earlier.
• In the Rest of the Central Region, sales plummeted by 40.3% y-o-y to 1,092 units in Q1 2023.
• In Outside Central Region, sales dropped by 25.8% y-o-y to 1,938 units over the same period.

Residential construction activity showed mixed results

In Q1 2023, there were 1,312 uncompleted private residential units launched in Singapore, up 160.3% from the previous quarter and by 114% from a year earlier, according to URA. This was a noticeable improvement from the 57% decline in the total number of uncompleted private residential units launched during the whole year of 2022.

Yet there are wide regional variations:

• In CCR, launches were almost unchanged at 146 units in Q1 2023 from a year earlier, based on figures from URA.
• In RCR, launches rose by 81.5% to 510 units in Q1 2023 from the same period last year.
• In OCR, launches rose sharply by 250.8% y-o-y to 656 units in Q1 2023.

The total supply in the pipeline with planning approvals stood at 44,846 units in Q1 2023, down by 2.6% from the previous quarter and by 5.4% from the same period last year. Of which, 16,252 units are still available in the market, compared to 14,087 units in a year earlier.

• Private residential units under construction fell by 16.4% y-o-y to 34,809 units in Q1 2023. Quarter-on-quarter, they declined 2.3%.
• Planned development rose strongly by 74.2% to 10,037 units in Q1 2023 from a year ago but declined by a modest 3.7% from the previous quarter.

There were a total of 394,062 housing units available in Singapore in Q1 2023, up by 0.7% from the previous quarter and by 2.9% from a year earlier, according to URA. Of which 370,438 units are occupied, while the remaining 23,624 units are available, making up a vacancy rate of 6%, up from 5.5% in the previous quarter.

 Mortgage loan growth decelerating fast

Outstanding housing loans rose by a minuscule 1.5% in May 2023 from the same period last year to SG$222.2 billion (US$164.3 billion), following annual growth of 3.6% in 2022 and 6.7% in 2021, based on figures from the MAS.

About three-fourths of the outstanding housing loans are for owner-occupied properties while the remaining are for investment properties.

As a percent of GDP, the size of the mortgage market actually contracted to an equivalent of 34.6% in 2022, down from 37.7% of GDP in 2021 and 41.9% of GDP in 2020.

Variable interest rate mortgages dominate Singapore’s housing market. Tweaking the rate on mortgages, plus government restrictions on land use and ownership, has helped pre-empt a housing boom despite sharply lower interest rates over the past decade.

Home loan interest rates remain low

Currently, interest rates for home loans for some of the leading banks in Singapore are as follows:

• DBS, Singapore’s largest lending, offers fixed-rate home loans at 3.75% with lock-in periods of 2 to 5 years.
• At OCBC, two- and three-year fixed-rate mortgages are offered at a 3.8% loan rate.
• UOB offers two- and three-year home loans at a 4% interest rate per annum.
• At HSBC, interest rates for two- and three-year fixed-rate mortgage loans are set at 3.6% and 3.5%, respectively.

In Singapore, variable interest rate mortgages are pegged to the Singapore inter-bank offered rate (SIBOR). A typical SIBOR-pegged adjustable rate mortgage looks like this:

 The mortgage interest rate, therefore, comprises two parts a) spread or margin and b) index, typically the Singapore Interbank offered rate (SIBOR).

Rents surging, rental supply falling

Rents are rising dramatically, as demand for residential rental properties from both locals and foreigners continues to increase, aggravated by delayed housing completions.

In Q1 2023, the rental index of private all-residential properties skyrocketed by 33.4% from a year earlier (26.4% inflation-adjusted), the fifth consecutive quarter of double-digit y-o-y increases and the biggest growth in 15 years, according to URA. Quarter-on-quarter, the overall rental index increased by 7.2% (5.9% inflation-adjusted) in Q1 2023.

During the year to Q1 2023, the average rent for landed properties rose strongly by 39.3% while it increased by 32.4% for non-landed properties.

“Skyrocketing rents caused by a supply crunch of leasable homes and an influx of foreigners with the border reopening have instead grabbed headlines and become a major concern for companies who hire expatriate workers,” said Savills in its Q1 2023 Singapore Residential Leasing report.

“A recent survey by the European Chamber of Commerce in Singapore said about 40% of 268 firms it polled were giving employees additional aid of more than S$1,500 a month because of rent increases. If the situation worsens, 70% of the firms are ready to move foreign staff overseas.”

Rent movements in Q1 2023 by region:

• Core Central Region: rents surged by 31.5% y-o-y, sharply up from an annual increase of 10.8% in Q1 2022 and a decline of 1% in Q1 2021
• Rest of Central Region: rents soared by 32.2% from a year ago, sharply up from y-o-y increases of 12.4% in the previous year and 1.3% two years earlier
• Outside Central Region: rents rose strongly by 34.5% y-o-y, sharply up from annual increases of 13.1% in Q1 2022 and 3.1% in Q1 2021

In the luxury market, the Savills basket of high-end non-landed private residential rents rose for the ninth consecutive quarter by 4.7% q-o-q to SG$6.11 (US$4.52) per sq. ft. per month in Q1 2023.

In Q1 2023, the leasing volume of private residential units stood at 20,050 transactions – down by 3.8% from the previous quarter and by 11.7% from a year earlier. It was also the lowest first-quarter volume in the past six years.

“From 2010 to 2019 statistics, the number of private residential leasing transactions in Singapore had been rising by an annual average of 7.8% pre-COVID,” said Savills. “However, this pattern was disrupted by the pandemic and the expected transaction increase did not materialize in 2022 even though travel restrictions mostly ended globally.”

Low to moderate rental yields for high-end units

Singapore is a safe haven, it is a liquid market, and everyone in Asia knows and trusts its institutions. Property in Singapore commands a premium and conversely returns to owners who rent out their properties are low.

Apartments in Singapore are expensive, at around US$1,060,000 to US$1,631,000 for a two-bedroom apartment. That’s because there is a ‘global city’ premium. As such, gross rental yields in Singapore remain poor to moderate, ranging between 4.00% to.5.56%, according to a study conducted by the Global Property Guide in November 2022.

Yields are a little higher on smaller apartments than on large ones, as is typical in most property markets. 99-year leasehold properties have the highest rental yields in Singapore because of their lower prices relative to other types of properties.

Singapore has a small private rental sector, mostly serving expatriates. In the local sector, 81% of all rental units are owned by the HBD. Since 2014 many expatriates have relocated from Core Central Region to suburban and fringe areas Outside Central Region.

Foreign demand is falling

More than 37% (about 2.1 million) of Singapore’s population are foreigners, the sixth-highest percentage of foreigners in the world. Of these 9% (o.52 million) are permanent residents, and the remaining 28% (1.6 million) are expats, according to the Department of Statistics Singapore.

Tighter immigration rules are being imposed by the government, due to strong popular disquiet. Beginning 1 September 2015 work pass holders need to meet a minimum fixed monthly salary of SG$5,000 (US$ 3,697) to sponsor the stay of their spouse/ children here (on Dependant’s Pass) and a minimum fixed monthly salary of SG$10,000 (US$7,395) to sponsor the stay of their parents here (on Long Term Visit Pass).

Aside from the tighter immigration rules, and the imposition of market-cooling measures, the COVID-19 pandemic has adversely impacted demand from foreign homebuyers in the past two years.

However, in the past three years from 2020 to 2022, the total number of private houses purchased by foreigners in Singapore dropped to their lowest levels in the past two decades. According to real estate consultancy firms ERA Realty Network and Orange Tee & Tie, the share of foreign homebuyers to total sales in the country fell to 4.1% in 2020, 4.5% in 2021, and 3.5% in 2022, as compared to about 7% to 8% share a decade ago.

Mainland Chinese buyers account for the largest group of non-Singaporean homebuyers in the country, followed by Malaysians, Qataris, Indonesians, Americans, and Indians. In 2022, they purchased 241 non-landed private homes in Singapore, which constituted 26.5% of transactions by foreign buyers. Though, it was the lowest since 2010 and represented only about 1.3% of total condo sales, said PropNex CEO Ismail Gafoor.

Foreign demand is expected to remain subdued this year, amidst the imposition of another round of market-cooling measures in April 2023, raising the ABSD rates further for nearly all types of buyers, including foreign homebuyers.

For foreigners, the ABSD doubled from the previous flat rate of 30% to 60%.

US citizens are however treated the same as Singapore citizens under the US-Singapore Free Trade Agreement, that is, no additional buyer’s stamp duty is payable on the first Singapore residential property purchase.

Foreigners have been able to buy any apartment without prior government approval since the Residential Property Act of July 19, 2005. However, foreigners still cannot purchase vacant land and landed properties without permission from the Singapore Land Authority. Non-residential property is not subject to these ownership restrictions.

Modest economic growth, strong labor market

Singapore’s economy grew by a modest 3.6% during 2022, following a 7.6% expansion in 2021 and a 4.1% contraction in 2020, according to the Ministry of Trade and Industry (MTI), buoyed by strong growth in construction, services, and wholesale and retail trade. Yet uncertainty remains high due to persistent inflation, disruptions from Russia’s invasion of Ukraine, and the global economic slowdown.

In Q1 2023, Singapore registered a meager economic growth of just 0.4% as compared to a year ago, its lowest increase since a contraction in Q4 2020.

Over the same period:

• The services sector grew by 2% y-o-y in Q1 2023, a slowdown from the previous quarter’s 4%;
• Construction expanded by 7.2%, down from the y-o-y growth of 10% in Q4 2022;
• Manufacturing contracted by 5.6% y-o-y in Q1 2023, worse than the previous quarter’s 2.6% decline.

On a quarterly basis, the economy actually contracted by 0.4% in Q1 2023, following q-o-q growth of 0.1% in Q4 2022 and 1.1% in Q3 2022. As such, the MTI expects overall economic growth to slow to about 0.5% to 2.5% this year.

The economy grew by an average of 5.4% annually from 2010 to 2018 but slowed sharply to 1.3% in 2019.

Labor market conditions continue to improve. In Q1 2023, the overall unemployment rate fell to 1.8%, down from 2.2% in the previous year and the lowest level since Q1 2015 when the jobless rate was also 1.8%, according to the Ministry of Manpower (MOM). Resident unemployment fell to 2.6% while citizen unemployment dipped to 2.7%.

“While unemployment rates will continue to stay low and employment sentiments relatively positive, uncertainties in the global economy due to tighter financial controls, inflationary pressures, supply chain disruptions, and geopolitical tensions could lead to a softened labor market,” said Labour MP Patrick Tay.

Annual inflation slowed to 5.1% in May 2023, down from 5.7% in the previous month and the lowest reading since February 2022, as prices for food, housing, and transportation eased, according to Statistics Singapore. Overall inflation accelerated to 6.1% in 2022, from an annual average of just 0.7% in 2013-21.

In April 2023, the Monetary Authority of Singapore (MAS), the country’s central bank, retained the prevailing rate of appreciation of the S$NEER policy band, following five consecutive tightening measures in the past 18 months. There will be no change to the width and level of the policy band. Said move will continue to reduce imported inflation and help curb domestic inflationary pressures.

“With imported inflation turning more negative and core inflation expected to ease materially by end-2023, MAS has assessed that the current appreciating path of the S$NEER policy band is sufficiently tight and appropriate for securing medium-term price stability,” said MAS.

The average exchange rate in June 2023 was US$ 1 = SG$ 1.3844, a 2.8% appreciation from a year ago.

Sources:

• Release of 1st Quarter 2023 Real Estate Statistics (Urban Redevelopment Authority): https://www.ura.gov.sg/Corporate/Media-Room/Media-Releases/pr23-12
• Domestic interest rates (Monetary Authority of Singapore): https://eservices.mas.gov.sg/Statistics/dir/DomesticInterestRates.aspx
• Interest rates of banks and finance companies (Monetary Authority of Singapore): https://eservices.mas.gov.sg/Statistics/msb/InterestRatesOfBanksAndFinanceCompanies.aspx
• Data on Housing and Bridging Loans (Monetary Authority of Singapore): https://www.mas.gov.sg/-/media/mas/statistics/monthly-statistical-bulletin/housing-loans_q1-2023.pdf
• 2023 Savills Singapore Market Outlook (Savills): https://www.savills.com.sg/insight-and-opinion/savills-news/209400-0/2023-savills-singapore-market-outlook
• Residential Sales – Singapore May 2023 (Savills): https://pdf.savills.asia/asia-pacific-research/singapore-research/singapore-residential/singapore-residential-sales-briefing-q1-2023.pdf
• Residential Leasing – Singapore May 2023 (Savills): https://pdf.savills.asia/asia-pacific-research/singapore-research/singapore-residential/singapore-residential-leasing-briefing-q1-2023.pdf
• Updated Cooling Measures (2023) (Redbrick Mortgage Advisory): https://www.redbrick.sg/blog/updated-cooling-measures-2023/
• The impact of cooling measures: How HDB resale prices have changed in every Singapore town (Channel News Asia): https://www.channelnewsasia.com/singapore/cooling-measures-singapore-hdb-resale-prices-towns-property-map-3499961
• Additional Buyer´s Stamp Duty (ABSD) (Inland Revenue Authority of Singapore): https://www.iras.gov.sg/taxes/stamp-duty/for-property/buying-or-acquiring-property/additional-buyer´s-stamp-duty-(absd)
• New cooling measures: Tighter housing loans, 15-month wait for private home owners to buy HDB flats (Straits Times): https://www.straitstimes.com/business/property/stricter-borrowing-criteria-for-property-buyers-15-month-wait-for-private-property-owners-moving-to-hdb-flats
• Singapore announces new property cooling measures: Higher ABSD rates, tighter loan limits (Channel News Asia): https://www.channelnewsasia.com/singapore/property-cooling-measures-absd-tdsr-ltv-loan-hdb-2382301
• Low to moderate rental yields in Singapore (Global Property Guide): https://www.globalpropertyguide.com/Asia/Singapore/Rental-Yields
• Population and Population Structure (Department of Statistics Singapore): https://www.singstat.gov.sg/find-data/search-by-theme/population/population-and-population-structure/latest-data
• Latest property cooling measures unlikely to ease prices by much: Analysts (Channel News Asia): https://www.channelnewsasia.com/singapore/property-condominium-absd-investment-prices-cooling-measures-analysts-3447776
• Fixed rates for home loans are down and likely to fall further, experts say (Channel News Asia): https://www.channelnewsasia.com/singapore/fixed-rate-mortgage-home-loans-banks-interest-packages-3517311
• Return of China property buyers in bigger numbers unlikely to impact prices in Singapore: Analysts (Channel News Asia): https://www.channelnewsasia.com/singapore/china-nationals-buying-property-singapore-housing-prices-3216596
• MTI Maintains 2023 GDP Growth Forecast at “0.5 to 2.5 Percent” (Ministry of Trade and Industry): https://www.singstat.gov.sg/-/media/files/news/gdp1q2023.ashx
• Singapore’s GDP Grew by 0.1 Percent in the First Quarter of 2023 (Ministry of Trade and Industry): https://www.mti.gov.sg/Newsroom/Press-Releases/2023/04/Singapore-GDP-Grew-by-0_1-Per-Cent-in-the-First-Quarter-of-2023
• Summary Table: Unemployment (Ministry of Manpower): https://stats.mom.gov.sg/Pages/Unemployment-Summary-Table.aspx
• Singapore Consumer Price Index (Department of Statistics Singapore): https://www.singstat.gov.sg/modules/infographics/consumer-price-index
• MAS Monetary Policy Statement - April 2023 (Monetary Authority of Singapore): https://www.mas.gov.sg/news/monetary-policy-statements/2023/mas-monetary-policy-statement-14apr23