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
s$ nominal effective exchange rate (s$neer) over the last six months, the s$neer has fluctuated slightly above the mid-point of the policy band.	neutral	not forward looking	certain	2,021	511
s$ nominal effective exchange rate (s$neer) global economic growth remained resilient at the turn of the year.	neutral	not forward looking	certain	2,024	738
the singapore economy is projected to expand at a modest pace for the rest of 2015 and in 2016, with the uplift from the firmer us economy tempered by weaker growth prospects in the region.	neutral	forward looking	uncertain	2,015	307
there will be no re-centring of the policy band, nor any change to its slope or width.	neutral	forward looking	certain	2,006	83
since late october, the s$neer has strengthened again, reflecting in part the generalised weakening of the us$.	hawkish	not forward looking	certain	2,003	488
the sequential pickup in q3 was largely due to the modern services sector, where activity was underpinned by firm growth in the information & communications industry.	neutral	not forward looking	certain	2,021	566
a similar process will precede the july statement, while the timings of the april and october editions remain unchanged, coinciding with the ministry of trade & industry’s release of the .	irrelevant	forward looking	certain	2,023	317
private road transport costs may also remain firm in response to the tight coe supply.	neutral	forward looking	uncertain	2,011	244
the depreciation of the s$ against the broad-based strength of the us dollar was partly offset by the appreciation of the s$ against the malaysian ringgit, euro, and japanese yen.	neutral	not forward looking	certain	2,015	713
the pace of domestic labour cost increases may reaccelerate if aggregate demand turns out stronger than expected, causing renewed inflationary pressures.	hawkish	forward looking	uncertain	2,024	403
cpi-all items inflation is now forecast to be 1–1.5% in 2014, given the recent weakness in car prices.	neutral	forward looking	uncertain	2,014	357
most other asian economies have thus far withstood the recent bouts of financial market volatility and the tightening of financial conditions, and are taking policy measures to sustain growth.	dovish	not forward looking	certain	2,013	674
even as the downside risks to economic growth have increased, global inflationary pressures remain high.	hawkish	not forward looking	certain	2,008	119
this policy will ensure price stability in the medium term while keeping growth on a sustainable path.	neutral	forward looking	certain	2,011	72
this policy stance is consistent with a modest and gradual appreciation path of the s$neer policy band that will ensure medium-term price stability.	hawkish	not forward looking	certain	2,019	264
economic activity is likely to be sustained at a high level for the rest of the year, even as the underlying growth momentum moderates.	neutral	forward looking	uncertain	2,011	914
while settings globally remained highly accommodative, mas had assessed that a shift in its policy stance was necessary to ensure price stability in light of accumulating external and domestic cost pressures, even as the strength of the economic recovery remained uncertain.	hawkish	forward looking	uncertain	2,022	359
s$ nominal effective exchange rate (s$neer) the s$neer has continued to fluctuate in the upper half of the policy band over the last six months.	neutral	not forward looking	certain	2,013	169
re-export volumes registered sequential contraction on average over the first two months of 2016.	neutral	not forward looking	certain	2,016	560
the s$neer initially appreciated over october and november on account of the decline in major currencies, which in turn reflected the fiscal impasse in the us and expectations of further quantitative easing in japan.	hawkish	not forward looking	certain	2,014	531
import prices in domestic currency terms also increased slightly in recent months, notwithstanding subdued external price pressures.	neutral	not forward looking	certain	2,014	174
the three-month s$ sibor was broadly unchanged at 0.4%.	neutral	not forward looking	certain	2,021	225
s$ nominal effective exchange rate (s$neer) over the last three months, the s$neer has broadly appreciated within the upper half of the policy band.	hawkish	not forward looking	certain	2,022	575
this was mainly due to the smaller increase in coe premiums relative to a year ago.	neutral	not forward looking	certain	2,012	243
in addition, the s$neer was supported by strong capital inflows into the region, underpinned by general optimism over the regional economic .	hawkish	not forward looking	certain	2,005	589
this policy stance was assessed to be appropriate given that the singapore economy was expected to remain on a steady expansion path, while mas core inflation was projected to rise.	hawkish	not forward looking	certain	2,018	556
as growth moderates this year, the positive output gap should level off at about 0.7% of potential gdp, before picking up again towards the end of 2001.	neutral	forward looking	uncertain	2,001	677
shocks to global food and energy prices or domestic labour costs could bring about additional inflationary pressures.	hawkish	forward looking	uncertain	2,024	416
while some slowdown is expected, overall economic conditions in the region should stay firm.	neutral	forward looking	uncertain	2,010	893
we expect the singapore economy to remain sluggish in h1 2003, before staging a more balanced and firmly-grounded recovery in the second half of this year, as the external environment improves and the global electronics industry strengthens.	neutral	forward looking	uncertain	2,003	872
it depreciated over february to mid-march amid the broad-based strength of the us$.	neutral	not forward looking	certain	2,015	883
the advance estimates released by the ministry of trade and industry today show that the singapore economy contracted by 0.7% on a quarter-on-quarter seasonally-adjusted basis in q1 2023, following the marginal 0.1% expansion in q4.	neutral	not forward looking	certain	2,023	173
mas is also restoring a narrower policy band.	hawkish	not forward looking	certain	2,012	120
for 2005 and 2006 the advance gdp estimates released by the ministry of trade and industry showed that the singapore economy continued on a firm growth path in the third quarter of 2005, following broad-based expansion in h1.	hawkish	not forward looking	certain	2,005	261
the increase in tourist arrivals provided support to the retail and hospitality industries.	neutral	not forward looking	certain	2,005	304
this is subject to uncertainties, including around the pace and timing of easing and the intensity of ongoing geopolitical conflicts.	neutral	forward looking	uncertain	2,024	913
the sequential slowdown in q1 was largely driven by the construction sector, where activity continued to be capped by safe distancing measures at worksites.	neutral	not forward looking	certain	2,021	512
cpi inflation will continue to fall in the coming months, reflecting a combination of lower commodity prices and increased slack in the domestic economy.	dovish	forward looking	certain	2,009	973
thus, cpi inflation is expected to remain high until the middle of the year, before easing in the second half.	hawkish	forward looking	certain	2,008	127
with a steady pick up in global it demand through the year, the domestic electronics sector could pick up by the middle of 2002.	neutral	forward looking	uncertain	2,002	313
abstracting from the electronics-related segments, growth rates in a broad range of industries are projected to be stable or slightly improving in 2018 compared to 2017.	neutral	forward looking	uncertain	2,017	841
the slightly negative output gap is projected to narrow further in h2 2024, even as underlying inflationary pressures gradually dissipate.	neutral	forward looking	uncertain	2,024	901
this was underpinned by a turnaround in it-related activities as electronics manufacturing and trade recovered from the supply disruptions late last year.	neutral	not forward looking	certain	2,012	349
domestic inter-bank rates have risen in tandem with the 75 basis point increase in the us federal funds rate since june.	hawkish	not forward looking	certain	2,004	830
in year-on-year terms (y-o-y), gdp growth was 1.0% in q3 compared to -4.1% in q2.	neutral	not forward looking	certain	2,003	156
the s$ bilateral exchange rates fluctuated significantly against individual major currencies in the year.	neutral	not forward looking	certain	2,001	723
mas core inflation, which excludes private road transport and accommodation costs, averaged 2.3% in july-august 2012, compared to a high of 3.1% in q1 this year.	dovish	not forward looking	certain	2,012	322
notwithstanding some upside risks to global price pressures, inflation in singapore is projected to rise at a more gradual pace in h2 2021.	neutral	forward looking	uncertain	2,021	687
meanwhile, accommodation costs are expected to fall, in part due to the decline in foreign employment.	dovish	forward looking	uncertain	2,020	376
the next statement will be released in october 2003, together with the macroeconomic review (vol ii, issue 2).	irrelevant	forward looking	certain	2,003	573
travel-related services inflation, which is largely determined by conditions in tourism markets abroad, was stronger as hotel room rates and package tour prices saw steep increases.	hawkish	not forward looking	certain	2,024	385
this helped to offset rising private transport inflation amid higher petrol prices.	neutral	not forward looking	certain	2,024	827
the domestic labour market is expected to see slightly reduced tightness, with wage growth projected to slow further over the course of 2016 amid softer employment conditions.	dovish	forward looking	uncertain	2,016	755
however, mas is reducing its forecasts for cpi-all items inflation and mas core inflation for 2015.	dovish	forward looking	certain	2,015	721
gdp growth is expected to be sustained in 2007, although at a slower rate compared to 2006.	neutral	forward looking	uncertain	2,006	370
the global economy should continue to expand, but at an uneven pace across countries.	neutral	forward looking	uncertain	2,014	600
the growth momentum of the global economy has moderated by more than expected at the turn of the year alongside sluggish trade.	neutral	not forward looking	certain	2,019	255
however, demand-driven inflationary pressures will likely be restrained.	dovish	forward looking	uncertain	2,017	230
given the slack in the labour market and rebound in productivity growth, a strong uptick in domestic price pressures is unlikely at this stage of the business cycle.	dovish	forward looking	uncertain	2,002	711
s$ nominal effective exchange rate (s$neer) between october 2019 and late january this year, the s$neer hovered near the upper bound of the policy band amid broad-based us$ weakness.	neutral	not forward looking	certain	2,020	877
the three-month s$ sibor fell from 1.8% in october 2019 to around 1.0% as at late march, following the decline in the us$ libor during this period.	neutral	not forward looking	certain	2,020	964
overall unit labour costs are set to increase by an average of 2.5-3.0% in 2005 and 2006, compared to a 4.0% decline in 2004.	hawkish	forward looking	certain	2,005	771
meanwhile, domestic cost pressures such as rentals and wages have come down significantly in response to the economic downturn.	dovish	not forward looking	certain	2,009	460
it should then moderate in late 2022, reflecting in part some stabilisation of commodity prices and possible easing of supply constraints.	dovish	forward looking	uncertain	2,022	111
amidst the cuts in us interest rates by the federal reserve, the domestic three-month interbank interest rate fell from 2.75% as at end-august 2007 to 1.31% at the end of march 2008.	dovish	not forward looking	certain	2,008	122
the mas underlying inflation measure, which excludes accommodation and private road transport costs, will average around 2%.	neutral	forward looking	certain	2,010	345
at the same time, world commodity prices have generally weakened, led by a decline in oil prices.	irrelevant	not forward looking	certain	2,002	634
global final demand is projected to stay firm in 2018, but the pace of expansion could slow slightly as the cyclical upturn matures.	neutral	forward looking	uncertain	2,018	692
the trade-weighted s$neer trended up initially in h2 2001, reflecting in part a marked weakening of the us$ as data showed a sharper-than-expected slowdown in the us economy.	neutral	not forward looking	certain	2,002	22
with economic activity turning out somewhat stronger than anticipated in q1 2012 and resource markets tightening further, core inflationary pressures have persisted.	hawkish	not forward looking	certain	2,012	780
on a year-ago basis, gdp grew by 4.8% in q2 2022.	neutral	not forward looking	certain	2,022	668
meanwhile, cpi-all items inflation declined to an average of 1.0% y-o-y in july–august 2014 from 2.4% in q2, on account of weaker car prices and imputed rentals on owner-occupied accommodation.	dovish	not forward looking	certain	2,014	994
growth in the singapore economy has slowed over the first three quarters of the year.	dovish	not forward looking	certain	2,019	443
cpi-all items inflation will remain elevated for some time.	hawkish	forward looking	uncertain	2,012	267
if there is stronger-than-anticipated demand for labour due to upsides in gdp growth, it may take longer for unit labour cost growth to moderate and consequently for services price inflation to normalise.	neutral	forward looking	uncertain	2,024	701
however, with the release of economic data in october showing the continued sharp deterioration in the singapore economy, there was a downward revision in the short-term for the year, and the s$neer depreciated before stabilising at around the levels prevailing 18 months ago .	dovish	not forward looking	certain	2,002	926
current indications suggest that a hard landing in the us will be avoided, with growth decelerating from 5% in 2000 to 2.0-2.5% in 2001.	neutral	forward looking	uncertain	2,001	170
the sequential turnaround in q3 largely reflected a resumption in domestic economic activity as circuit breaker measures were eased and policy stimulus took effect.	neutral	not forward looking	certain	2,020	272
for 2013, cpi-all items inflation is projected to come in at the upper half of the 2-3% forecast range.	neutral	forward looking	uncertain	2,013	65
the singapore economy has expanded at a rapid pace in 2007, underpinned by robust growth in non-it manufacturing and asset market-related activities in the first half of the year.	neutral	not forward looking	certain	2,007	151
mas has assessed that, on balance, it would be prudent to take a further calibrated step to tighten so as to lean against price pressures becoming more persistent.	hawkish	forward looking	certain	2,022	756
the singapore economy will continue to expand at a modest pace in 2017.	neutral	forward looking	certain	2,017	939
with factor markets tight, domestic cost and price pressures will remain firm.	hawkish	forward looking	certain	2,011	922
with the labour market remaining tight and higher global inflation passing through to domestic costs, core inflation will see a broad-based step up in 2022 and risks remaining elevated over the medium term.	hawkish	forward looking	certain	2,022	451
this policy stance, which has been in place since april 2004, has contributed to the low and stable inflation environment amidst the robust economic growth of the past few years.	dovish	not forward looking	certain	2,007	391
in april 2013, mas maintained the modest and gradual appreciation path of the s$neer policy band, with no change to its slope, width, and the level at which it was centred.	neutral	not forward looking	certain	2,013	204
excluding the impact of the increases in the gst rate, core and headline inflation are forecast at 1.5–2.5%.	neutral	forward looking	certain	2,024	229
the 2009 gdp growth forecast was revised to -6% to -4% during the release of advance estimates for q2 2009 gdp on 14 jul 2009.	neutral	not forward looking	certain	2,009	299
amidst the global downturn and continuing stresses in world financial markets, external and domestic inflationary pressures are dissipating.	dovish	not forward looking	certain	2,009	276
real gdp growth is expected to slow sharply to 0.5-1.5% this year.	neutral	forward looking	uncertain	2,001	486
overall, gdp growth is projected to come in at 4.5-6.5% in 2007, down from the nearly 8% recorded in 2006.	neutral	forward looking	uncertain	2,007	534
activity will remain subdued in the travel-related and consumer-facing sectors until the pandemic is contained globally and in the region.	neutral	forward looking	uncertain	2,020	978
private transport costs should rise modestly amid a continued reduction in the supply of coes.	neutral	forward looking	uncertain	2,020	884
against a more favourable growth for the singapore economy, and the risk of rising inflationary pressures, mas is shifting from a zero percent appreciation path to a policy of modest and gradual appreciation of the s$neer, starting from the mid-point of the current policy band.	hawkish	forward looking	certain	2,004	541
the ongoing external supply constraints should ease in the second half of 2022, leading to some moderation in imported inflation, although there is risk of further supply shocks.	neutral	forward looking	uncertain	2,022	983
even as some asian economies benefit from the us recovery and the mild upturn in the global it industry, other regional economies face weaker commodity exports.	neutral	forward looking	certain	2,015	969
in comparison, growth in the services sectors stayed firm, mainly driven by financial and business services, as well as wholesale & retail trade.	neutral	not forward looking	certain	2,018	972
the three-month s$ singapore interbank offered rate was unchanged at 0.4%, while the three-month compounded singapore overnight rate average edged up slightly to 0.2% in january this year.	neutral	not forward looking	certain	2,022	980
cpi-all items inflation is projected to average between 3.0–4.0% in 2024.	neutral	forward looking	certain	2,023	305
looking ahead, domestic economic activity is likely to be sustained at a relatively high level, even as the growth momentum slows in the coming quarters.	neutral	forward looking	uncertain	2,010	348

s$ nominal effective exchange rate (s$neer) over the last six months, the s$neer has fluctuated slightly above the mid-point of the policy band.

neutral

not forward looking

certain

2,021

511

s$ nominal effective exchange rate (s$neer) global economic growth remained resilient at the turn of the year.

neutral

not forward looking

certain

2,024

738

the singapore economy is projected to expand at a modest pace for the rest of 2015 and in 2016, with the uplift from the firmer us economy tempered by weaker growth prospects in the region.

neutral

forward looking

uncertain

2,015

307

there will be no re-centring of the policy band, nor any change to its slope or width.

neutral

forward looking

certain

2,006

83

since late october, the s$neer has strengthened again, reflecting in part the generalised weakening of the us$.

hawkish

not forward looking

certain

2,003

488

the sequential pickup in q3 was largely due to the modern services sector, where activity was underpinned by firm growth in the information & communications industry.

neutral

not forward looking

certain

2,021

566

a similar process will precede the july statement, while the timings of the april and october editions remain unchanged, coinciding with the ministry of trade & industry’s release of the .

irrelevant

forward looking

certain

2,023

317

private road transport costs may also remain firm in response to the tight coe supply.

neutral

forward looking

uncertain

2,011

244

the depreciation of the s$ against the broad-based strength of the us dollar was partly offset by the appreciation of the s$ against the malaysian ringgit, euro, and japanese yen.

neutral

not forward looking

certain

2,015

713

the pace of domestic labour cost increases may reaccelerate if aggregate demand turns out stronger than expected, causing renewed inflationary pressures.

hawkish

forward looking

uncertain

2,024

403

cpi-all items inflation is now forecast to be 1–1.5% in 2014, given the recent weakness in car prices.

neutral

forward looking

uncertain

2,014

357

most other asian economies have thus far withstood the recent bouts of financial market volatility and the tightening of financial conditions, and are taking policy measures to sustain growth.

dovish

not forward looking

certain

2,013

674

even as the downside risks to economic growth have increased, global inflationary pressures remain high.

hawkish

not forward looking

certain

2,008

119

this policy will ensure price stability in the medium term while keeping growth on a sustainable path.

neutral

forward looking

certain

2,011

72

this policy stance is consistent with a modest and gradual appreciation path of the s$neer policy band that will ensure medium-term price stability.

hawkish

not forward looking

certain

2,019

264

economic activity is likely to be sustained at a high level for the rest of the year, even as the underlying growth momentum moderates.

neutral

forward looking

uncertain

2,011

914

while settings globally remained highly accommodative, mas had assessed that a shift in its policy stance was necessary to ensure price stability in light of accumulating external and domestic cost pressures, even as the strength of the economic recovery remained uncertain.

hawkish

forward looking

uncertain

2,022

359

s$ nominal effective exchange rate (s$neer) the s$neer has continued to fluctuate in the upper half of the policy band over the last six months.

neutral

not forward looking

certain

2,013

169

re-export volumes registered sequential contraction on average over the first two months of 2016.

neutral

not forward looking

certain

2,016

560

the s$neer initially appreciated over october and november on account of the decline in major currencies, which in turn reflected the fiscal impasse in the us and expectations of further quantitative easing in japan.

hawkish

not forward looking

certain

2,014

531

import prices in domestic currency terms also increased slightly in recent months, notwithstanding subdued external price pressures.

neutral

not forward looking

certain

2,014

174

the three-month s$ sibor was broadly unchanged at 0.4%.

neutral

not forward looking

certain

2,021

225

s$ nominal effective exchange rate (s$neer) over the last three months, the s$neer has broadly appreciated within the upper half of the policy band.

hawkish

not forward looking

certain

2,022

575

this was mainly due to the smaller increase in coe premiums relative to a year ago.

neutral

not forward looking

certain

2,012

243

in addition, the s$neer was supported by strong capital inflows into the region, underpinned by general optimism over the regional economic .

hawkish

not forward looking

certain

2,005

589

this policy stance was assessed to be appropriate given that the singapore economy was expected to remain on a steady expansion path, while mas core inflation was projected to rise.

hawkish

not forward looking

certain

2,018

556

as growth moderates this year, the positive output gap should level off at about 0.7% of potential gdp, before picking up again towards the end of 2001.

neutral

forward looking

uncertain

2,001

677

shocks to global food and energy prices or domestic labour costs could bring about additional inflationary pressures.

hawkish

forward looking

uncertain

2,024

416

while some slowdown is expected, overall economic conditions in the region should stay firm.

neutral

forward looking

uncertain

2,010

893

we expect the singapore economy to remain sluggish in h1 2003, before staging a more balanced and firmly-grounded recovery in the second half of this year, as the external environment improves and the global electronics industry strengthens.

neutral

forward looking

uncertain

2,003

872

it depreciated over february to mid-march amid the broad-based strength of the us$.

neutral

not forward looking

certain

2,015

883

the advance estimates released by the ministry of trade and industry today show that the singapore economy contracted by 0.7% on a quarter-on-quarter seasonally-adjusted basis in q1 2023, following the marginal 0.1% expansion in q4.

neutral

not forward looking

certain

2,023

173

mas is also restoring a narrower policy band.

hawkish

not forward looking

certain

2,012

120

for 2005 and 2006 the advance gdp estimates released by the ministry of trade and industry showed that the singapore economy continued on a firm growth path in the third quarter of 2005, following broad-based expansion in h1.

hawkish

not forward looking

certain

2,005

261

the increase in tourist arrivals provided support to the retail and hospitality industries.

neutral

not forward looking

certain

2,005

304

this is subject to uncertainties, including around the pace and timing of easing and the intensity of ongoing geopolitical conflicts.

neutral

forward looking

uncertain

2,024

913

the sequential slowdown in q1 was largely driven by the construction sector, where activity continued to be capped by safe distancing measures at worksites.

neutral

not forward looking

certain

2,021

512

cpi inflation will continue to fall in the coming months, reflecting a combination of lower commodity prices and increased slack in the domestic economy.

dovish

forward looking

certain

2,009

973

thus, cpi inflation is expected to remain high until the middle of the year, before easing in the second half.

hawkish

forward looking

certain

2,008

127

with a steady pick up in global it demand through the year, the domestic electronics sector could pick up by the middle of 2002.

neutral

forward looking

uncertain

2,002

313

abstracting from the electronics-related segments, growth rates in a broad range of industries are projected to be stable or slightly improving in 2018 compared to 2017.

neutral

forward looking

uncertain

2,017

841

the slightly negative output gap is projected to narrow further in h2 2024, even as underlying inflationary pressures gradually dissipate.

neutral

forward looking

uncertain

2,024

901

this was underpinned by a turnaround in it-related activities as electronics manufacturing and trade recovered from the supply disruptions late last year.

neutral

not forward looking

certain

2,012

349

domestic inter-bank rates have risen in tandem with the 75 basis point increase in the us federal funds rate since june.

hawkish

not forward looking

certain

2,004

830

in year-on-year terms (y-o-y), gdp growth was 1.0% in q3 compared to -4.1% in q2.

neutral

not forward looking

certain

2,003

156

the s$ bilateral exchange rates fluctuated significantly against individual major currencies in the year.

neutral

not forward looking

certain

2,001

723

mas core inflation, which excludes private road transport and accommodation costs, averaged 2.3% in july-august 2012, compared to a high of 3.1% in q1 this year.

dovish

not forward looking

certain

2,012

322

notwithstanding some upside risks to global price pressures, inflation in singapore is projected to rise at a more gradual pace in h2 2021.

neutral

forward looking

uncertain

2,021

687

meanwhile, accommodation costs are expected to fall, in part due to the decline in foreign employment.

dovish

forward looking

uncertain

2,020

376

the next statement will be released in october 2003, together with the macroeconomic review (vol ii, issue 2).

irrelevant

forward looking

certain

2,003

573

travel-related services inflation, which is largely determined by conditions in tourism markets abroad, was stronger as hotel room rates and package tour prices saw steep increases.

hawkish

not forward looking

certain

2,024

385

this helped to offset rising private transport inflation amid higher petrol prices.

neutral

not forward looking

certain

2,024

827

the domestic labour market is expected to see slightly reduced tightness, with wage growth projected to slow further over the course of 2016 amid softer employment conditions.

dovish

forward looking

uncertain

2,016

755

however, mas is reducing its forecasts for cpi-all items inflation and mas core inflation for 2015.

dovish

forward looking

certain

2,015

721

gdp growth is expected to be sustained in 2007, although at a slower rate compared to 2006.

neutral

forward looking

uncertain

2,006

370

the global economy should continue to expand, but at an uneven pace across countries.

neutral

forward looking

uncertain

2,014

600

the growth momentum of the global economy has moderated by more than expected at the turn of the year alongside sluggish trade.

neutral

not forward looking

certain

2,019

255

however, demand-driven inflationary pressures will likely be restrained.

dovish

forward looking

uncertain

2,017

230

given the slack in the labour market and rebound in productivity growth, a strong uptick in domestic price pressures is unlikely at this stage of the business cycle.

dovish

forward looking

uncertain

2,002

711

s$ nominal effective exchange rate (s$neer) between october 2019 and late january this year, the s$neer hovered near the upper bound of the policy band amid broad-based us$ weakness.

neutral

not forward looking

certain

2,020

877

the three-month s$ sibor fell from 1.8% in october 2019 to around 1.0% as at late march, following the decline in the us$ libor during this period.

neutral

not forward looking

certain

2,020

964

overall unit labour costs are set to increase by an average of 2.5-3.0% in 2005 and 2006, compared to a 4.0% decline in 2004.

hawkish

forward looking

certain

2,005

771

meanwhile, domestic cost pressures such as rentals and wages have come down significantly in response to the economic downturn.

dovish

not forward looking

certain

2,009

460

it should then moderate in late 2022, reflecting in part some stabilisation of commodity prices and possible easing of supply constraints.

dovish

forward looking

uncertain

2,022

111

amidst the cuts in us interest rates by the federal reserve, the domestic three-month interbank interest rate fell from 2.75% as at end-august 2007 to 1.31% at the end of march 2008.

dovish

not forward looking

certain

2,008

122

the mas underlying inflation measure, which excludes accommodation and private road transport costs, will average around 2%.

neutral

forward looking

certain

2,010

345

at the same time, world commodity prices have generally weakened, led by a decline in oil prices.

irrelevant

not forward looking

certain

2,002

634

global final demand is projected to stay firm in 2018, but the pace of expansion could slow slightly as the cyclical upturn matures.

neutral

forward looking

uncertain

2,018

692

the trade-weighted s$neer trended up initially in h2 2001, reflecting in part a marked weakening of the us$ as data showed a sharper-than-expected slowdown in the us economy.

neutral

not forward looking

certain

2,002

22

with economic activity turning out somewhat stronger than anticipated in q1 2012 and resource markets tightening further, core inflationary pressures have persisted.

hawkish

not forward looking

certain

2,012

780

on a year-ago basis, gdp grew by 4.8% in q2 2022.

neutral

not forward looking

certain

2,022

668

meanwhile, cpi-all items inflation declined to an average of 1.0% y-o-y in july–august 2014 from 2.4% in q2, on account of weaker car prices and imputed rentals on owner-occupied accommodation.

dovish

not forward looking

certain

2,014

994

growth in the singapore economy has slowed over the first three quarters of the year.

dovish

not forward looking

certain

2,019

443

cpi-all items inflation will remain elevated for some time.

hawkish

forward looking

uncertain

2,012

267

if there is stronger-than-anticipated demand for labour due to upsides in gdp growth, it may take longer for unit labour cost growth to moderate and consequently for services price inflation to normalise.

neutral

forward looking

uncertain

2,024

701

however, with the release of economic data in october showing the continued sharp deterioration in the singapore economy, there was a downward revision in the short-term for the year, and the s$neer depreciated before stabilising at around the levels prevailing 18 months ago .

dovish

not forward looking

certain

2,002

926

current indications suggest that a hard landing in the us will be avoided, with growth decelerating from 5% in 2000 to 2.0-2.5% in 2001.

neutral

forward looking

uncertain

2,001

170

the sequential turnaround in q3 largely reflected a resumption in domestic economic activity as circuit breaker measures were eased and policy stimulus took effect.

neutral

not forward looking

certain

2,020

272

for 2013, cpi-all items inflation is projected to come in at the upper half of the 2-3% forecast range.

neutral

forward looking

uncertain

2,013

65

the singapore economy has expanded at a rapid pace in 2007, underpinned by robust growth in non-it manufacturing and asset market-related activities in the first half of the year.

neutral

not forward looking

certain

2,007

151

mas has assessed that, on balance, it would be prudent to take a further calibrated step to tighten so as to lean against price pressures becoming more persistent.

hawkish

forward looking

certain

2,022

756

the singapore economy will continue to expand at a modest pace in 2017.

neutral

forward looking

certain

2,017

939

with factor markets tight, domestic cost and price pressures will remain firm.

hawkish

forward looking

certain

2,011

922

with the labour market remaining tight and higher global inflation passing through to domestic costs, core inflation will see a broad-based step up in 2022 and risks remaining elevated over the medium term.

hawkish

forward looking

certain

2,022

451

this policy stance, which has been in place since april 2004, has contributed to the low and stable inflation environment amidst the robust economic growth of the past few years.

dovish

not forward looking

certain

2,007

391

in april 2013, mas maintained the modest and gradual appreciation path of the s$neer policy band, with no change to its slope, width, and the level at which it was centred.

neutral

not forward looking

certain

2,013

204

excluding the impact of the increases in the gst rate, core and headline inflation are forecast at 1.5–2.5%.

neutral

forward looking

certain

2,024

229

the 2009 gdp growth forecast was revised to -6% to -4% during the release of advance estimates for q2 2009 gdp on 14 jul 2009.

neutral

not forward looking

certain

2,009

299

amidst the global downturn and continuing stresses in world financial markets, external and domestic inflationary pressures are dissipating.

dovish

not forward looking

certain

2,009

276

real gdp growth is expected to slow sharply to 0.5-1.5% this year.

neutral

forward looking

uncertain

2,001

486

overall, gdp growth is projected to come in at 4.5-6.5% in 2007, down from the nearly 8% recorded in 2006.

neutral

forward looking

uncertain

2,007

534

activity will remain subdued in the travel-related and consumer-facing sectors until the pandemic is contained globally and in the region.

neutral

forward looking

uncertain

2,020

978

private transport costs should rise modestly amid a continued reduction in the supply of coes.

neutral

forward looking

uncertain

2,020

884

against a more favourable growth for the singapore economy, and the risk of rising inflationary pressures, mas is shifting from a zero percent appreciation path to a policy of modest and gradual appreciation of the s$neer, starting from the mid-point of the current policy band.

hawkish

forward looking

certain

2,004

541

the ongoing external supply constraints should ease in the second half of 2022, leading to some moderation in imported inflation, although there is risk of further supply shocks.

neutral

forward looking

uncertain

2,022

983

even as some asian economies benefit from the us recovery and the mild upturn in the global it industry, other regional economies face weaker commodity exports.

neutral

forward looking

certain

2,015

969

in comparison, growth in the services sectors stayed firm, mainly driven by financial and business services, as well as wholesale & retail trade.

neutral

not forward looking

certain

2,018

972

the three-month s$ singapore interbank offered rate was unchanged at 0.4%, while the three-month compounded singapore overnight rate average edged up slightly to 0.2% in january this year.

neutral

not forward looking

certain

2,022

980

cpi-all items inflation is projected to average between 3.0–4.0% in 2024.

neutral

forward looking

certain

2,023

305

looking ahead, domestic economic activity is likely to be sustained at a relatively high level, even as the growth momentum slows in the coming quarters.

neutral

forward looking

uncertain

2,010

348