gtfintechlab/monetary_authority_of_singapore

sentences stringlengths 36 344	stance_label stringclasses 4 values	time_label stringclasses 2 values	certain_label stringclasses 2 values	year int64 2k 2.02k	__index_level_0__ int64 1 999
mas will continue to be vigilant over developments in the economy and financial markets, and stands ready to curb excessive volatility in the s$neer.	hawkish	forward looking	certain	2,020	157
the strength and sustainability of the recovery in external demand- especially in the it sector- is still uncertain, and the world health organisation has warned of the possibility of a second wave of sars infections in the latter part of the year.	neutral	forward looking	certain	2,003	269
however, the performance in the rest of the manufacturing sector will remain patchy.	neutral	forward looking	certain	2,017	336
core inflation has come in lower than anticipated in recent months, and will remain subdued in the year ahead.	dovish	forward looking	certain	2,019	586
on a year-ago basis, overall gdp grew by 2.5% in q1 2017.	neutral	not forward looking	certain	2,017	908
the increase from 3.3% in q4 2023 was lower than expected.	neutral	not forward looking	certain	2,024	14
s$ nominal effective exchange rate (s$neer) over the last six months, the s$neer remained in the upper half of the policy band.	neutral	not forward looking	certain	2,013	582
a firmer recovery is likely to take hold only in h2 2003.	neutral	forward looking	uncertain	2,003	293
growth in financial services was weaker amid the slowdown in lending to the region.	neutral	not forward looking	certain	2,015	34
mti’s advance estimates show that growth in the singapore economy picked up to 1.7% on a quarter-on-quarter seasonally-adjusted basis in the last quarter of 2023, from 1.3% in q3 and an average of −0.1% in the first half of the year.	dovish	not forward looking	certain	2,024	706
the resulting unit labour cost increases will be a key source of underlying inflation.	hawkish	forward looking	certain	2,022	326
reflecting these factors, and further declines in imputed rentals on owner-occupied accommodation and car prices, cpi-all items inflation fell to -0.6% y-o-y in july-august 2015 from -0.4% in q2.	neutral	not forward looking	certain	2,015	886
there are potential downside risks to growth and mas will closely monitor external economic and financial developments.	neutral	forward looking	uncertain	2,007	682
supported by a gradual improvement in the labour market and accommodative fiscal measures, the us economy should continue on its recovery path.	neutral	forward looking	certain	2,011	931
the three-month domestic interbank rate fell to 0.75% at the end of 2003, from 0.81% at end-september, and stayed unchanged until end-march this year.	dovish	not forward looking	certain	2,004	181
meanwhile, the domestic-oriented sectors remained weak, with many affected by the tighter measures imposed in response to the increase in covid-19 infections.	dovish	not forward looking	certain	2,021	80
the expansions this year and next will be driven by productivity gains.	hawkish	forward looking	certain	2,017	497
accordingly, global gdp is still forecast to expand at an above-trend pace for a second consecutive year in 2022, even as uncertainties remain.	neutral	forward looking	uncertain	2,022	63
cpi inflation is expected to trend down for the rest of the year, coming in within the 1-1.5% range for 2001 as a whole.	dovish	forward looking	uncertain	2,001	79
however, a sharper-than-expected downturn in the advanced economies could induce a general easing of inflationary pressures.	dovish	forward looking	uncertain	2,023	406
in the near term, global final demand is expected to soften amid elevated interest rates.	dovish	forward looking	certain	2,023	786
mas core inflation is likely to remain below its historical average over the next few quarters before rising gradually over the medium term.	dovish	forward looking	uncertain	2,019	311
the 2016 forecast for cpi-all items inflation was revised down to −1.0–0% in february, taking into account the step-down in global oil prices in late 2015 and the sharp decline in coe premiums at the beginning of this year.	dovish	forward looking	certain	2,016	986
in april this year, mas shifted from a zero percent appreciation path to a policy of modest and gradual appreciation of the s$neer, against a more favourable growth for the singapore economy and the risk of rising inflationary pressures.	hawkish	not forward looking	certain	2,004	821
after a strong rebound last year, the three-month domestic interbank rate rose further to 3.56% in june 2006, before declining to 3.44% as at end-september.	hawkish	not forward looking	certain	2,006	33
for the whole of 2016, it should come in within the lower half of the 0.5–1.5% forecast range, barring upside surprises to global oil prices.	neutral	forward looking	uncertain	2,016	296
cpi-all items inflation averaged 4.8% in 2023, down from 6.1% in the preceding year.	dovish	not forward looking	certain	2,024	62
on the domestic front, the improving labour market should underpin a faster pace of wage growth in 2018 and 2019 compared to last year.	neutral	forward looking	certain	2,018	211
after some initial strengthening, the s$ depreciated against the us$ through mid-november.	neutral	not forward looking	certain	2,002	339
the s$neer has appreciated modestly, reflecting in part the strengthening of the s$ against most reserve currencies as global risk sentiment improved.	neutral	not forward looking	certain	2,021	542
mas core inflation is forecast to average 2–2.5% in 2014 and 2–3% in 2015.	neutral	forward looking	uncertain	2,014	56
as a result, the economy’s output gap turned positive in q1 2010.	neutral	not forward looking	certain	2,010	396
in comparison, the manufacturing sector reverted to positive growth on the back of a rebound in pharmaceutical output.	neutral	not forward looking	certain	2,021	768
this stance will help support economic growth, particularly in view of the downside risks in the external environment.	dovish	forward looking	certain	2,003	628
mti’s advance estimates show that the singapore economy expanded by 1.0% on a quarter-on-quarter seasonally-adjusted basis in q3 2023, up from 0.1% in q2.	neutral	not forward looking	certain	2,023	764
nevertheless, the moderation in us growth has thus far been confined to specific sectors and the economy on the whole is expected to avoid a sharp downturn.	neutral	forward looking	certain	2,006	545
overall inflationary pressures will remain elevated in the months ahead.	hawkish	forward looking	uncertain	2,022	340
however, an acceleration in inflationary pressures is unlikely against the backdrop of slower gdp growth, uncertainties in the global economy, as well as the continuing restraining effects of mas’ tightening in 2018.	dovish	forward looking	uncertain	2,019	742
will complement these efforts and ensure price stability over the medium term.	neutral	forward looking	certain	2,020	30
mas will continue to closely monitor global and domestic economic developments, amid heightened uncertainty on both the inflation and growth fronts.	neutral	forward looking	uncertain	2,022	657
meanwhile, the manufacturing sector remained lacklustre, reflecting the weakness in the electronics, precision engineering and transport engineering clusters.	neutral	not forward looking	certain	2,015	241
the trade-weighted s$ has generally been appreciating over the past year in line with the policy stance, and is now within the upper-half of the policy band.	hawkish	not forward looking	certain	2,001	324
against this backdrop, singapore’s trade-related and modern services sectors should expand more slowly this year compared to 2021.	dovish	forward looking	uncertain	2,022	725
the rise in inflation next year reflects an anticipated increase in oil-related price pressures and a modest pick up in domestic costs.	hawkish	forward looking	certain	2,005	449
meanwhile, the disinflationary effects of lower global oil prices, budget measures and sg50 price promotions will begin to fade from the end of this year.	dovish	forward looking	certain	2,015	407
this policy maintains the current level of the policy band, and there will be no re-centring of the band or change to its width.	neutral	forward looking	certain	2,008	53
mas will therefore re-centre the mid-point of the s$neer policy band up to its prevailing level.	hawkish	forward looking	certain	2,022	200
growth momentum was stronger than expected, and was largely underpinned by a step-up in manufacturing output, particularly in the electronics industry.	hawkish	not forward looking	certain	2,024	97
travel-related industries, such as aviation and tourism, have been hardest hit.	neutral	not forward looking	certain	2,020	150
the global it industry is expected to grow at about the same rate as in 2005, providing support not only to the domestic electronics industry, but also the entrepot trade and the hub-related transport services industries.	dovish	forward looking	uncertain	2,006	194
the prevailing rate of appreciation of the policy band is needed to keep a restraining effect on imported inflation as well as domestic cost pressures, and is sufficient to ensure medium-term price stability.	hawkish	forward looking	certain	2,024	747
the government’s decision to freeze all its fees and charges for a year will further restrain inflation.	dovish	forward looking	certain	2,020	310
the pass-through of higher import and labour costs to consumer prices could increase as domestic demand strengthens further.	hawkish	forward looking	uncertain	2,018	7
in the october 2017 statement, mas kept the slope of the singapore dollar nominal effective exchange rate (s$neer) policy band at zero percent, with no change to the width of the policy band or the level at which it was centred.	neutral	not forward looking	certain	2,018	805
unemployment remains elevated and credit growth subdued.	neutral	not forward looking	certain	2,010	390
this will dampen underlying wage pressures, even as commercial and retail rents have eased further.	dovish	forward looking	certain	2,017	245
since then, however, it has fallen to 0.81% as at end-december 2002.	neutral	not forward looking	certain	2,003	18
mas core inflation is likely to be stable in the near term.	neutral	forward looking	uncertain	2,017	341
with the positive output gap expected to narrow, inflationary pressures will be kept in check.	dovish	forward looking	certain	2,019	286
although the trade-weighted s$ has weakened since then, it has remained within the policy band.	neutral	not forward looking	certain	2,001	461
cpi inflation is likely to be around 0% in 2009, before rising to 1-2% in 2010.	neutral	forward looking	uncertain	2,009	656
global capital expenditure has begun to turn up amid some strengthening in business sentiment, while improving labour market conditions should sustain final demand in the developed economies.	neutral	not forward looking	certain	2,017	363
commercial property rents should also remain low.	dovish	forward looking	certain	2,021	940
taking these developments into account, mas is revising its inflation forecasts for 2015.	irrelevant	not forward looking	certain	2,015	649
following a bout of depreciation pressures in january 2016 amid heightened global risk aversion, the s$neer strengthened on broad-based us$ weakness, as financial markets revised downwards their expectations of the us federal reserve’s pace of interest rate normalisation.	neutral	not forward looking	certain	2,016	15
according to the advance estimates released by the ministry of trade and industry today, singapore’s gdp expanded by 1.2% in q3 2014 on a quarter-on-quarter seasonally adjusted annualised basis, following the 0.1% contraction in q2.	neutral	not forward looking	certain	2,014	342
wage inflation is likely to remain relatively firm, and businesses in food-related and some services sectors could further pass on cost increases.	hawkish	forward looking	uncertain	2,014	798
economic activity in other sectors of the economy also showed signs of improvement, albeit with some unevenness.	neutral	not forward looking	uncertain	2,017	873
the major industrialised economies as a whole are projected to expand at a sub-par pace in 2013, given ongoing deleveraging in both the private and public sectors.	dovish	forward looking	uncertain	2,012	123
for 2024 as a whole, mas core inflation is expected to average 2.5–3.5%.	neutral	forward looking	certain	2,024	906
recovery in 2002 will depend on an upturn in external demand, particularly of the global electronics industry.	neutral	forward looking	uncertain	2,001	722
sea transport services will remain affected by the slowdown in trade within asia.	irrelevant	not forward looking	certain	2,016	110
the for china has stabilised on the back of firming corporate profitability and accommodative fiscal policy.	irrelevant	not forward looking	certain	2,017	31
however, significant uncertainties remain, including the possibility of further virus mutations and premature relaxation of social restrictions by governments, which could derail the global and domestic recovery.	neutral	forward looking	uncertain	2,021	664
the advance estimates released by the ministry of trade and industry today indicated that the singapore economy expanded by 0.8% on a quarter-on-quarter seasonally-adjusted basis in q3 2021, following a 1.4% contraction in the second quarter.	neutral	not forward looking	certain	2,021	720
since october last year, prospects for the global economy have improved, reflecting substantial additional fiscal stimulus in some economies and a steady pace of vaccine deployment across several major nations.	neutral	not forward looking	certain	2,021	521
barring any unexpected shocks in the external environment, the singapore economy is forecast to expand at between 4-6% this year.	neutral	forward looking	certain	2,006	175
as existing vaccines have been effective in limiting severe illness from the dominant covid-19 variant, and as inoculation rates rise globally, consumption activity should pick up while supply constraints ease.	neutral	forward looking	uncertain	2,021	392
the biomedical sector however provided support to gdp growth during the quarter.	neutral	not forward looking	certain	2,011	817
the singapore economy will enter a recession this year, with gdp growth projected at −4 to −1%.	neutral	forward looking	certain	2,020	953
nominal effective exchange rate (s$neer) at the time of the release of the statement in april, the s$neer had appreciated to the upper end of the policy band.	hawkish	not forward looking	certain	2,004	328
the us economy will lead the recovery, with private consumption supported by sustained improvement in the labour market and corporate investment gaining traction amid rising capacity utilisation rates.	neutral	forward looking	uncertain	2,014	126
as the negative output gap narrows, core inflation should rise gradually from its current subdued levels but remain below its historical average.	hawkish	forward looking	uncertain	2,021	4
the labour market is also expected to strengthen this year, with the unemployment rate improving gradually.	neutral	forward looking	certain	2,004	889
it was generally on a downward trend during the first few months of 2003.	neutral	not forward looking	certain	2,003	989
this is because of the decline in the cost of private road transport, as coe premiums fell and the impact of the upward revision in parking fees in december 2016 faded.	irrelevant	not forward looking	certain	2,018	726
this policy stance was appropriate as core inflation was projected to rise only gradually from subdued levels and keep below its historical average.	hawkish	not forward looking	certain	2,021	414
in october 2014, mas maintained a modest and gradual appreciation path of the s$neer (singapore dollar nominal effective exchange rate) policy band, with no change to its slope, width, and the level at which it was centred.	hawkish	not forward looking	certain	2,015	965
since then, the s$neer has strengthened in line with the appreciating policy band.	hawkish	not forward looking	certain	2,024	661
in the coming year, costs pressures which have been accumulating along domestic and global supply chains will continue to pass through to consumer prices.	hawkish	forward looking	certain	2,022	9
food inflation eased amid continued declines in imported food costs, while services inflation moderated as unit labour cost growth slowed.	dovish	not forward looking	certain	2,024	197
at the same time, cpi inflation will be contained in 2006 and 2007 under the current policy stance.	neutral	forward looking	certain	2,006	435
mas has therefore decided to further tighten , in two ways.	hawkish	not forward looking	certain	2,022	553
the singapore economy rebounded strongly in h2 2003, following the rapid containment of the sars outbreak.	neutral	not forward looking	certain	2,004	887
there was no change to the width of the policy band.	neutral	not forward looking	certain	2,020	160
since april 2004, mas has maintained the policy of a modest and gradual appreciation of the singapore dollar nominal effective exchange rate (s$neer) policy band.	hawkish	not forward looking	certain	2,008	637
the subdued global growth will exert a drag on the external-oriented sectors in singapore in the quarters ahead.	dovish	forward looking	certain	2,015	950
overall cpi inflation for 2003 is projected at 0.5-1.5%.	neutral	forward looking	certain	2,003	799
mas core inflation stepped up to an average of 3.4% year-on-year in april and may from 2.5% in q1, reflecting stronger price increases in a broad range of goods and services.	hawkish	not forward looking	certain	2,022	88
mas had indicated in the october 2016 mps that the neutral policy stance would be appropriate for an extended period.	neutral	not forward looking	certain	2,017	487

mas will continue to be vigilant over developments in the economy and financial markets, and stands ready to curb excessive volatility in the s$neer.

hawkish

forward looking

certain

2,020

157

the strength and sustainability of the recovery in external demand- especially in the it sector- is still uncertain, and the world health organisation has warned of the possibility of a second wave of sars infections in the latter part of the year.

neutral

forward looking

certain

2,003

269

however, the performance in the rest of the manufacturing sector will remain patchy.

neutral

forward looking

certain

2,017

336

core inflation has come in lower than anticipated in recent months, and will remain subdued in the year ahead.

dovish

forward looking

certain

2,019

586

on a year-ago basis, overall gdp grew by 2.5% in q1 2017.

neutral

not forward looking

certain

2,017

908

the increase from 3.3% in q4 2023 was lower than expected.

neutral

not forward looking

certain

2,024

14

s$ nominal effective exchange rate (s$neer) over the last six months, the s$neer remained in the upper half of the policy band.

neutral

not forward looking

certain

2,013

582

a firmer recovery is likely to take hold only in h2 2003.

neutral

forward looking

uncertain

2,003

293

growth in financial services was weaker amid the slowdown in lending to the region.

neutral

not forward looking

certain

2,015

34

mti’s advance estimates show that growth in the singapore economy picked up to 1.7% on a quarter-on-quarter seasonally-adjusted basis in the last quarter of 2023, from 1.3% in q3 and an average of −0.1% in the first half of the year.

dovish

not forward looking

certain

2,024

706

the resulting unit labour cost increases will be a key source of underlying inflation.

hawkish

forward looking

certain

2,022

326

reflecting these factors, and further declines in imputed rentals on owner-occupied accommodation and car prices, cpi-all items inflation fell to -0.6% y-o-y in july-august 2015 from -0.4% in q2.

neutral

not forward looking

certain

2,015

886

there are potential downside risks to growth and mas will closely monitor external economic and financial developments.

neutral

forward looking

uncertain

2,007

682

supported by a gradual improvement in the labour market and accommodative fiscal measures, the us economy should continue on its recovery path.

neutral

forward looking

certain

2,011

931

the three-month domestic interbank rate fell to 0.75% at the end of 2003, from 0.81% at end-september, and stayed unchanged until end-march this year.

dovish

not forward looking

certain

2,004

181

meanwhile, the domestic-oriented sectors remained weak, with many affected by the tighter measures imposed in response to the increase in covid-19 infections.

dovish

not forward looking

certain

2,021

80

the expansions this year and next will be driven by productivity gains.

hawkish

forward looking

certain

2,017

497

accordingly, global gdp is still forecast to expand at an above-trend pace for a second consecutive year in 2022, even as uncertainties remain.

neutral

forward looking

uncertain

2,022

63

cpi inflation is expected to trend down for the rest of the year, coming in within the 1-1.5% range for 2001 as a whole.

dovish

forward looking

uncertain

2,001

79

however, a sharper-than-expected downturn in the advanced economies could induce a general easing of inflationary pressures.

dovish

forward looking

uncertain

2,023

406

in the near term, global final demand is expected to soften amid elevated interest rates.

dovish

forward looking

certain

2,023

786

mas core inflation is likely to remain below its historical average over the next few quarters before rising gradually over the medium term.

dovish

forward looking

uncertain

2,019

311

the 2016 forecast for cpi-all items inflation was revised down to −1.0–0% in february, taking into account the step-down in global oil prices in late 2015 and the sharp decline in coe premiums at the beginning of this year.

dovish

forward looking

certain

2,016

986

in april this year, mas shifted from a zero percent appreciation path to a policy of modest and gradual appreciation of the s$neer, against a more favourable growth for the singapore economy and the risk of rising inflationary pressures.

hawkish

not forward looking

certain

2,004

821

after a strong rebound last year, the three-month domestic interbank rate rose further to 3.56% in june 2006, before declining to 3.44% as at end-september.

hawkish

not forward looking

certain

2,006

33

for the whole of 2016, it should come in within the lower half of the 0.5–1.5% forecast range, barring upside surprises to global oil prices.

neutral

forward looking

uncertain

2,016

296

cpi-all items inflation averaged 4.8% in 2023, down from 6.1% in the preceding year.

dovish

not forward looking

certain

2,024

62

on the domestic front, the improving labour market should underpin a faster pace of wage growth in 2018 and 2019 compared to last year.

neutral

forward looking

certain

2,018

211

after some initial strengthening, the s$ depreciated against the us$ through mid-november.

neutral

not forward looking

certain

2,002

339

the s$neer has appreciated modestly, reflecting in part the strengthening of the s$ against most reserve currencies as global risk sentiment improved.

neutral

not forward looking

certain

2,021

542

mas core inflation is forecast to average 2–2.5% in 2014 and 2–3% in 2015.

neutral

forward looking

uncertain

2,014

56

as a result, the economy’s output gap turned positive in q1 2010.

neutral

not forward looking

certain

2,010

396

in comparison, the manufacturing sector reverted to positive growth on the back of a rebound in pharmaceutical output.

neutral

not forward looking

certain

2,021

768

this stance will help support economic growth, particularly in view of the downside risks in the external environment.

dovish

forward looking

certain

2,003

628

mti’s advance estimates show that the singapore economy expanded by 1.0% on a quarter-on-quarter seasonally-adjusted basis in q3 2023, up from 0.1% in q2.

neutral

not forward looking

certain

2,023

764

nevertheless, the moderation in us growth has thus far been confined to specific sectors and the economy on the whole is expected to avoid a sharp downturn.

neutral

forward looking

certain

2,006

545

overall inflationary pressures will remain elevated in the months ahead.

hawkish

forward looking

uncertain

2,022

340

however, an acceleration in inflationary pressures is unlikely against the backdrop of slower gdp growth, uncertainties in the global economy, as well as the continuing restraining effects of mas’ tightening in 2018.

dovish

forward looking

uncertain

2,019

742

will complement these efforts and ensure price stability over the medium term.

neutral

forward looking

certain

2,020

30

mas will continue to closely monitor global and domestic economic developments, amid heightened uncertainty on both the inflation and growth fronts.

neutral

forward looking

uncertain

2,022

657

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

neutral

not forward looking

certain

2,015

241

the trade-weighted s$ has generally been appreciating over the past year in line with the policy stance, and is now within the upper-half of the policy band.

hawkish

not forward looking

certain

2,001

324

against this backdrop, singapore’s trade-related and modern services sectors should expand more slowly this year compared to 2021.

dovish

forward looking

uncertain

2,022

725

the rise in inflation next year reflects an anticipated increase in oil-related price pressures and a modest pick up in domestic costs.

hawkish

forward looking

certain

2,005

449

meanwhile, the disinflationary effects of lower global oil prices, budget measures and sg50 price promotions will begin to fade from the end of this year.

dovish

forward looking

certain

2,015

407

this policy maintains the current level of the policy band, and there will be no re-centring of the band or change to its width.

neutral

forward looking

certain

2,008

53

mas will therefore re-centre the mid-point of the s$neer policy band up to its prevailing level.

hawkish

forward looking

certain

2,022

200

growth momentum was stronger than expected, and was largely underpinned by a step-up in manufacturing output, particularly in the electronics industry.

hawkish

not forward looking

certain

2,024

97

travel-related industries, such as aviation and tourism, have been hardest hit.

neutral

not forward looking

certain

2,020

150

the global it industry is expected to grow at about the same rate as in 2005, providing support not only to the domestic electronics industry, but also the entrepot trade and the hub-related transport services industries.

dovish

forward looking

uncertain

2,006

194

the prevailing rate of appreciation of the policy band is needed to keep a restraining effect on imported inflation as well as domestic cost pressures, and is sufficient to ensure medium-term price stability.

hawkish

forward looking

certain

2,024

747

the government’s decision to freeze all its fees and charges for a year will further restrain inflation.

dovish

forward looking

certain

2,020

310

the pass-through of higher import and labour costs to consumer prices could increase as domestic demand strengthens further.

hawkish

forward looking

uncertain

2,018

7

in the october 2017 statement, mas kept the slope of the singapore dollar nominal effective exchange rate (s$neer) policy band at zero percent, with no change to the width of the policy band or the level at which it was centred.

neutral

not forward looking

certain

2,018

805

unemployment remains elevated and credit growth subdued.

neutral

not forward looking

certain

2,010

390

this will dampen underlying wage pressures, even as commercial and retail rents have eased further.

dovish

forward looking

certain

2,017

245

since then, however, it has fallen to 0.81% as at end-december 2002.

neutral

not forward looking

certain

2,003

18

mas core inflation is likely to be stable in the near term.

neutral

forward looking

uncertain

2,017

341

with the positive output gap expected to narrow, inflationary pressures will be kept in check.

dovish

forward looking

certain

2,019

286

although the trade-weighted s$ has weakened since then, it has remained within the policy band.

neutral

not forward looking

certain

2,001

461

cpi inflation is likely to be around 0% in 2009, before rising to 1-2% in 2010.

neutral

forward looking

uncertain

2,009

656

global capital expenditure has begun to turn up amid some strengthening in business sentiment, while improving labour market conditions should sustain final demand in the developed economies.

neutral

not forward looking

certain

2,017

363

commercial property rents should also remain low.

dovish

forward looking

certain

2,021

940

taking these developments into account, mas is revising its inflation forecasts for 2015.

irrelevant

not forward looking

certain

2,015

649

following a bout of depreciation pressures in january 2016 amid heightened global risk aversion, the s$neer strengthened on broad-based us$ weakness, as financial markets revised downwards their expectations of the us federal reserve’s pace of interest rate normalisation.

neutral

not forward looking

certain

2,016

15

according to the advance estimates released by the ministry of trade and industry today, singapore’s gdp expanded by 1.2% in q3 2014 on a quarter-on-quarter seasonally adjusted annualised basis, following the 0.1% contraction in q2.

neutral

not forward looking

certain

2,014

342

wage inflation is likely to remain relatively firm, and businesses in food-related and some services sectors could further pass on cost increases.

hawkish

forward looking

uncertain

2,014

798

economic activity in other sectors of the economy also showed signs of improvement, albeit with some unevenness.

neutral

not forward looking

uncertain

2,017

873

the major industrialised economies as a whole are projected to expand at a sub-par pace in 2013, given ongoing deleveraging in both the private and public sectors.

dovish

forward looking

uncertain

2,012

123

for 2024 as a whole, mas core inflation is expected to average 2.5–3.5%.

neutral

forward looking

certain

2,024

906

recovery in 2002 will depend on an upturn in external demand, particularly of the global electronics industry.

neutral

forward looking

uncertain

2,001

722

sea transport services will remain affected by the slowdown in trade within asia.

irrelevant

not forward looking

certain

2,016

110

the for china has stabilised on the back of firming corporate profitability and accommodative fiscal policy.

irrelevant

not forward looking

certain

2,017

31

however, significant uncertainties remain, including the possibility of further virus mutations and premature relaxation of social restrictions by governments, which could derail the global and domestic recovery.

neutral

forward looking

uncertain

2,021

664

the advance estimates released by the ministry of trade and industry today indicated that the singapore economy expanded by 0.8% on a quarter-on-quarter seasonally-adjusted basis in q3 2021, following a 1.4% contraction in the second quarter.

neutral

not forward looking

certain

2,021

720

since october last year, prospects for the global economy have improved, reflecting substantial additional fiscal stimulus in some economies and a steady pace of vaccine deployment across several major nations.

neutral

not forward looking

certain

2,021

521

barring any unexpected shocks in the external environment, the singapore economy is forecast to expand at between 4-6% this year.

neutral

forward looking

certain

2,006

175

as existing vaccines have been effective in limiting severe illness from the dominant covid-19 variant, and as inoculation rates rise globally, consumption activity should pick up while supply constraints ease.

neutral

forward looking

uncertain

2,021

392

the biomedical sector however provided support to gdp growth during the quarter.

neutral

not forward looking

certain

2,011

817

the singapore economy will enter a recession this year, with gdp growth projected at −4 to −1%.

neutral

forward looking

certain

2,020

953

nominal effective exchange rate (s$neer) at the time of the release of the statement in april, the s$neer had appreciated to the upper end of the policy band.

hawkish

not forward looking

certain

2,004

328

the us economy will lead the recovery, with private consumption supported by sustained improvement in the labour market and corporate investment gaining traction amid rising capacity utilisation rates.

neutral

forward looking

uncertain

2,014

126

as the negative output gap narrows, core inflation should rise gradually from its current subdued levels but remain below its historical average.

hawkish

forward looking

uncertain

2,021

4

the labour market is also expected to strengthen this year, with the unemployment rate improving gradually.

neutral

forward looking

certain

2,004

889

it was generally on a downward trend during the first few months of 2003.

neutral

not forward looking

certain

2,003

989

this is because of the decline in the cost of private road transport, as coe premiums fell and the impact of the upward revision in parking fees in december 2016 faded.

irrelevant

not forward looking

certain

2,018

726

this policy stance was appropriate as core inflation was projected to rise only gradually from subdued levels and keep below its historical average.

hawkish

not forward looking

certain

2,021

414

in october 2014, mas maintained a modest and gradual appreciation path of the s$neer (singapore dollar nominal effective exchange rate) policy band, with no change to its slope, width, and the level at which it was centred.

hawkish

not forward looking

certain

2,015

965

since then, the s$neer has strengthened in line with the appreciating policy band.

hawkish

not forward looking

certain

2,024

661

in the coming year, costs pressures which have been accumulating along domestic and global supply chains will continue to pass through to consumer prices.

hawkish

forward looking

certain

2,022

9

food inflation eased amid continued declines in imported food costs, while services inflation moderated as unit labour cost growth slowed.

dovish

not forward looking

certain

2,024

197

at the same time, cpi inflation will be contained in 2006 and 2007 under the current policy stance.

neutral

forward looking

certain

2,006

435

mas has therefore decided to further tighten , in two ways.

hawkish

not forward looking

certain

2,022

553

the singapore economy rebounded strongly in h2 2003, following the rapid containment of the sars outbreak.

neutral

not forward looking

certain

2,004

887

there was no change to the width of the policy band.

neutral

not forward looking

certain

2,020

160

since april 2004, mas has maintained the policy of a modest and gradual appreciation of the singapore dollar nominal effective exchange rate (s$neer) policy band.

hawkish

not forward looking

certain

2,008

637

the subdued global growth will exert a drag on the external-oriented sectors in singapore in the quarters ahead.

dovish

forward looking

certain

2,015

950

overall cpi inflation for 2003 is projected at 0.5-1.5%.

neutral

forward looking

certain

2,003

799

mas core inflation stepped up to an average of 3.4% year-on-year in april and may from 2.5% in q1, reflecting stronger price increases in a broad range of goods and services.

hawkish

not forward looking

certain

2,022

88

mas had indicated in the october 2016 mps that the neutral policy stance would be appropriate for an extended period.

neutral

not forward looking

certain

2,017

487