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
cpi inflation is expected to remain subdued for this year and the next, with the external inflationary environment and domestic cost pressures remaining benign.	dovish	forward looking	certain	2,003	134
meanwhile, other domestic sources of inflationary pressures, though subdued presently, could be expected to emerge in the coming quarters.	neutral	forward looking	uncertain	2,010	522
this reflected the broad-based weakness in the us$ and investor interest in higher-growth economies.	neutral	not forward looking	certain	2,011	422
gdp growth is likely to come in closer to its potential rate of 2–3% for the full year.	neutral	forward looking	uncertain	2,024	239
continued to decline in year-on-year terms in q4 2023, though by less than expected.	neutral	not forward looking	certain	2,024	996
the finance & insurance sector likely registered some pullback in activity, after an exceptionally strong performance in the preceding quarter.	dovish	not forward looking	certain	2,015	146
the for the global economy has not changed materially since the april review, with only modest growth expected on the back of resilient domestic demand in the g3 and the region.	neutral	forward looking	uncertain	2,016	218
notwithstanding the weak growth outturn in q1, the level of economic activity should stay on a broad upward trajectory for the rest of the year.	hawkish	forward looking	certain	2,014	290
in the quarters ahead, imported inflation is likely to rise mildly, as global demand strengthens amid ample supply conditions in key commodity markets.	neutral	forward looking	uncertain	2,018	783
nevertheless, it will take time for the expansion to gather momentum and become more broad-based, before a significant improvement in the labour market can be seen.	dovish	forward looking	uncertain	2,003	473
in particular, output trends in the electronics industry suggest that the slowdown in the global it sector will be shallower and shorter this time round compared to the downturn in 2001, reflecting improvements in inventory management.	hawkish	forward looking	uncertain	2,005	315
in the january 2022 statement , mas increased slightly the slope of the singapore dollar nominal effective exchange rate (s$neer) policy band.	hawkish	not forward looking	certain	2,022	815
domestic-driven sectors, such as construction and related financing and real estate activities, will remain resilient.	neutral	forward looking	certain	2,013	909
the gradual appreciation of the s$ exchange rate over the past few years has helped to mitigate inflationary pressures.	hawkish	not forward looking	certain	2,008	934
s$ nominal effective exchange rate (s$neer) since october 2017, the s$neer has appreciated in the upper half of the policy band, apart from a brief period of decline in early 2018.	hawkish	not forward looking	certain	2,018	402
this will be partially offset by lower imported inflation, if oil prices decline as expected.	dovish	forward looking	uncertain	2,001	510
as part of its ongoing economic surveillance, mas has assessed that it is appropriate to adjust the prevailing stance.	neutral	forward looking	certain	2,015	732
going into 2007, tighter labour market conditions and the lagged effects of commodity price increases would continue to underpin domestic price pressures.	hawkish	forward looking	certain	2,006	26
s$ nominal effective exchange rate (s$neer) since the statement in january, the s$neer has fluctuated within the lower half of the policy band.	neutral	not forward looking	certain	2,015	39
domestic wage growth should also ease as labour demand moderates, especially in sectors more exposed to international trade and finance.	dovish	forward looking	uncertain	2,023	86
nevertheless, barring a renewed worsening of the course of the covid-19 pandemic, the singapore economy is expected to expand in 2021, following the recession this year.	neutral	forward looking	uncertain	2,020	47
mas core inflation, which excludes the costs of private road transport and accommodation, eased to 1.2% y-o-y in january-february 2015 from 1.6% in q4 2014.	dovish	not forward looking	certain	2,015	807
inflation rose to an average of 2.8% in july-august, with about half the increase attributed to the one-off impact of the gst hike.	hawkish	not forward looking	certain	2,007	957
the risk remains that underlying cost pressures in the economy could mount, leading to a stronger pass-through to consumer prices over the medium term.	hawkish	forward looking	uncertain	2,015	903
trends in gdp growth the growth momentum in the economy, as measured by the seasonally adjusted quarter-on-quarter annualised gdp growth, has remained strong, although it is expected to taper off from q1 2001 onwards.	neutral	not forward looking	certain	2,001	526
according to the advance estimates released by the ministry of trade and industry today, the singapore economy grew by 0.1% year-on-year in q3 2019, similar to the preceding quarter.	neutral	not forward looking	certain	2,019	933
mas core inflation will rise only gradually next year.	hawkish	forward looking	uncertain	2,016	454
mas will continue to guide the s$neer within this exchange rate band, and stands ready to intervene to dampen excessive volatility should this become necessary.	neutral	forward looking	uncertain	2,001	606
mas will review its policy stance in july, and will be making a statement on then.	irrelevant	forward looking	certain	2,001	941
however, retail and services inflation came in lower than expected.	neutral	not forward looking	certain	2,019	298
according to the advance estimates released by the ministry of trade and industry today, singapore’s gdp growth came in at 1.1% in q1 2015 on a quarter-on-quarter seasonally adjusted annualised basis, following the 4.9% recorded in q4 2014.	dovish	not forward looking	certain	2,015	702
the singapore economy has largely evolved as envisaged in the april 2018 policy review, and is likely to expand at a slower but steady pace for the rest of this year and in 2019.	neutral	forward looking	uncertain	2,018	142
the sequential rise in consumer prices during the first few months of this year can be largely traced to modest, one-off, supply-side cost increases, including the gst rate hike.	neutral	not forward looking	certain	2,003	273
the policy band will at the same time be widened slightly in view of the volatility across international financial markets.	dovish	forward looking	certain	2,010	943
at this stage, our assessment is that the singapore economy is likely to expand at a slower rate in 2008 than in the recent past, reflecting weaker global economic growth.	dovish	forward looking	certain	2,007	223
however, retail interest rates have remained stable.	neutral	not forward looking	certain	2,003	154
the three-month s$ sibor fell from 1.01% as at end-march 2015 to 0.82% by the end of june, before rising to 1.14% as at end-september 2015.	neutral	not forward looking	certain	2,015	103
however, the increases are unlikely to be sustained at the same pace.	neutral	forward looking	uncertain	2,013	724
the for the g3 is underpinned by the gradual revival in labour and housing markets in the us, expansionary macroeconomic policies in japan, and improvements in business sentiment in the eurozone.	neutral	forward looking	certain	2,013	369
the weakness in it production and its supporting industries will also persist due to sluggish final demand and ongoing reconfigurations in the electronics cluster.	dovish	forward looking	certain	2,015	502
along with the modest recovery of manufacturing in 2002, the trade-related segments of the services sector are expected to benefit most from the improvement in the external environment.	neutral	forward looking	certain	2,002	44
this was partially offset by lower electricity & gas price inflation following the decline in global oil prices.	neutral	not forward looking	certain	2,023	532
cpi-all items inflation is now projected to come in at -0.5–0.5%, from the 0.5–1.5% expected in october.	dovish	forward looking	certain	2,015	106
the rise in the price index was mainly on account of higher private road transport costs.	neutral	not forward looking	certain	2,002	558
the economy had rebounded strongly from the asian financial crisis, and growth momentum was likely to be sustained by a favourable external environment.	dovish	not forward looking	certain	2,001	259
mas will therefore reduce slightly the rate of appreciation of the s$neer policy band.	hawkish	forward looking	certain	2,019	616
mas has assessed that it is appropriate to further tighten its stance so as to lean against price pressures becoming more persistent.	hawkish	forward looking	certain	2,022	114
overall gdp growth is projected at 2.5-3.5% in 2013, and is unlikely to be significantly different in 2014.	neutral	forward looking	uncertain	2,013	795
slower growth in asia will restrain activity in a range of services industries in singapore such as transport-hub and tourism.	dovish	forward looking	certain	2,008	338
based on the advance estimates released by the ministry of trade and industry on 2 january 2015.	irrelevant	not forward looking	certain	2,015	155
the unemployment rate is expected to average 4.5-5.0% for the year as a whole.	neutral	forward looking	uncertain	2,003	186
advance estimates released by the ministry of trade and industry today indicated that the singapore economy expanded by 2.0% on a quarter-on-quarter seasonally-adjusted basis in q1 2021, moderating from the 3.8% growth in q4 2020.	dovish	not forward looking	certain	2,021	222
however, other business costs including rentals have risen in the past year.	neutral	not forward looking	certain	2,007	162
the disbursement of additional rebates for service & conservancy charges in january 2018 also temporarily dampened headline inflation.	dovish	not forward looking	certain	2,018	862
in july 2001, mas shifted to a neutral exchange rate policy stance, with the policy band reflecting a zero percent appreciation of the trade-weighted nominal effective exchange rate (s$neer).	neutral	not forward looking	certain	2,002	87
according to the advance estimates released by the ministry of trade and industry today, the singapore economy grew by 1.4% on a quarter-on-quarter seasonally-adjusted annualised basis in q1 2018, a moderation from the 2.1% recorded in q4 last year.	neutral	not forward looking	certain	2,018	569
the negative output gap will narrow as most sectors recoup their pre-covid levels by the end of next year.	neutral	forward looking	uncertain	2,020	164
in europe too growth has weakened more than expected.	dovish	not forward looking	certain	2,001	90
as a result, cpi inflation is now projected to come in at 1.5-2% for 2007, from the 0.5-1.5% range expected at the time of the last policy review.	neutral	forward looking	certain	2,007	843
core inflation is likely to come in near the mid-point of the revised forecast range.	neutral	forward looking	uncertain	2,019	945
global economic activity slowed in q3 2022.	dovish	not forward looking	certain	2,022	775
core inflation better reflects underlying price pressures in the economy and is the most relevant among the range of indicators that mas monitors for .	irrelevant	not forward looking	certain	2,011	762
based on the advance estimates released by the ministry of trade and industry on 26 march, the singapore economy contracted by 2.2% year-on-year in q1 2020, following the 1.0% expansion in the preceding quarter.	dovish	not forward looking	certain	2,020	354
at the same time, enhanced medical subsidies, including those under the pioneer generation package, have led to a one-off reduction in the prices of healthcare services.	irrelevant	not forward looking	certain	2,015	748
while core inflation was expected to rise and gradually turn positive this year, it would stay well below its long-term average.	dovish	forward looking	uncertain	2,021	29
against this backdrop, it is necessary for to remain supportive of the recovery in the domestic economy, while keeping inflation low.	dovish	forward looking	certain	2,003	840
real gdp in q3 expanded by 6.0% (on a year-on-year basis), bringing growth over jan-sep 2005 to an average of 4.7%.	neutral	not forward looking	certain	2,005	544
the surge in oil prices had resulted in petrol prices being raised on five occasions, and electricity tariffs on three occasions in 2000, while the prices of meat, water and tobacco rose because of administrative decisions meat prices were affected by the compulsory installation of meat-chillers, which raised prices of meat processed locally.	hawkish	not forward looking	certain	2,001	287
however, global it output growth is expected to ease to a more sustainable pace as the ramp-up in production linked to inventory re-stocking runs its course.	neutral	forward looking	uncertain	2,017	727
with final demand in the advanced economies softening, growth in asia will slow, notwithstanding some support from domestic demand.	dovish	forward looking	certain	2,011	703
prices continued to adjust with a lag to the economic downturn last year, and have been held down by the absence of imported inflation and the slack in the domestic economy.	dovish	not forward looking	certain	2,002	626
this policy stance, which has been in place since april 2004, was assessed to be appropriate for containing any rise in inflationary pressures amidst higher global inflation and domestic costs.	hawkish	not forward looking	certain	2,006	446
consequently, inflationary pressures should be muted.	dovish	forward looking	uncertain	2,019	207
gdp growth this year should come in at the upper half of the official forecast range of 6.5-7.5%.	neutral	forward looking	uncertain	2,006	466
amid the declines in coe premiums since november and the larger coe supply this year compared to 2023, cpi-all items inflation in 2024 is now forecast to be lower at 2.5–3.5%, down from the previous range of 3–4%.	dovish	forward looking	certain	2,024	605
looking ahead, imported inflation, while broadly benign, will be susceptible to temporary spikes in food prices due to weather-related disruptions.	dovish	forward looking	uncertain	2,012	75
the recovery in the manufacturing and financial sectors should resume, supported by the upturn in the electronics cycle and anticipated easing in global interest rates.	dovish	forward looking	uncertain	2,024	16
according to the advance estimates released by the ministry of trade and industry today, gdp contracted by a further 19.7% q-o-q saar in q1 2009, with the decline accentuated by a reduction in pharmaceutical output.	dovish	not forward looking	certain	2,009	428
on a year-ago basis, gdp rose marginally by 0.2% in q1, after three consecutive quarters of decline.	neutral	not forward looking	certain	2,021	98
domestic cpi inflation rose significantly from 0.9% in q1 2010 to 3.1% in q2, and edged up further to 3.2% in july-august.	hawkish	not forward looking	certain	2,010	960
the singapore economy is expected to strengthen over the rest of 2024, with the slightly negative output gap closing by year-end.	neutral	forward looking	uncertain	2,024	485
at this pace of growth, the unemployment rate is likely to average around its q4 2005 level of 2.5%.	neutral	forward looking	certain	2,006	538
it aimed to cap medium-term inflationary pressures, while continuing to be supportive of economic activity as growth came off its cyclical high and moderated to a slower pace.	dovish	not forward looking	certain	2,001	572
the resilience budget announced on 26 march, and the earlier unity budget, will help to preserve jobs, skills and firms’ know-how and capabilities.	neutral	not forward looking	certain	2,020	61
looking ahead, imported inflationary pressures are expected to remain low, reflecting the excess capacity that remains even as the global economy gradually recovers.	neutral	forward looking	uncertain	2,002	689
the global growth remains uncertain.	neutral	forward looking	uncertain	2,023	615
this policy stance is assessed to be appropriate for containing inflationary pressures, anchoring inflation expectations, and facilitating the restructuring of the economy towards sustainable growth.	hawkish	not forward looking	certain	2,013	976
according to the advance estimates released by the ministry of trade and industry today, singapore’s gdp declined by 1.5% on a quarter-on-quarter seasonally adjusted annualised basis in q3 2012, following marginal growth of 0.2% in the revised q2 data.	neutral	not forward looking	certain	2,012	260
given these factors, both mas core inflation and cpi-all items inflation are expected to average between −1 and 0% in 2020.	neutral	forward looking	certain	2,020	948
mas will therefore maintain its policy of a modest and gradual appreciation of the s$neer policy band.	hawkish	forward looking	certain	2,013	518
at the same time, inflationary pressures continue to be a concern over the medium term, with the economy at close to its potential output level and with upside risks to external inflation.	hawkish	forward looking	certain	2,005	779
on balance, we expect cpi inflation to be higher this year than in 2000, but to remain below 2% for the year as a whole.	neutral	forward looking	uncertain	2,001	46
although the eurozone is still likely to slip into a recession in 2012, tail risks have receded following the ecb’s longer-term refinancing operations programme.	dovish	forward looking	certain	2,012	527
in april 2012, mas increased the slope of the s$neer policy band slightly.	hawkish	not forward looking	certain	2,012	377
the strength of the domestic currency was also boosted by positive news, including the containment of the sars outbreak in singapore, and the signing of the us-singapore fta.	hawkish	not forward looking	certain	2,003	5
mas core inflation, which excludes private road transport and accommodation costs, receded to 1.5% y-o-y in january-february 2013, from 2.0% and 2.4% in q4 and q3 2012, respectively.	dovish	not forward looking	certain	2,013	956
all in, both mas core inflation and cpi-all items inflation are forecast to come in between −0.5 and 0% in 2020.	neutral	forward looking	certain	2,020	864
the slack in the labour market should continue to be absorbed and the negative output gap close in 2022.	dovish	forward looking	certain	2,021	861
mas core inflation has slowed and is projected to broadly decline over the course of 2024.	dovish	forward looking	certain	2,023	48
the mas will therefore re-centre the exchange rate policy band at the current level of the s$neer, while maintaining a zero percent appreciation path.	neutral	forward looking	certain	2,003	256

cpi inflation is expected to remain subdued for this year and the next, with the external inflationary environment and domestic cost pressures remaining benign.

dovish

forward looking

certain

2,003

134

meanwhile, other domestic sources of inflationary pressures, though subdued presently, could be expected to emerge in the coming quarters.

neutral

forward looking

uncertain

2,010

522

this reflected the broad-based weakness in the us$ and investor interest in higher-growth economies.

neutral

not forward looking

certain

2,011

422

gdp growth is likely to come in closer to its potential rate of 2–3% for the full year.

neutral

forward looking

uncertain

2,024

239

continued to decline in year-on-year terms in q4 2023, though by less than expected.

neutral

not forward looking

certain

2,024

996

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

dovish

not forward looking

certain

2,015

146

the for the global economy has not changed materially since the april review, with only modest growth expected on the back of resilient domestic demand in the g3 and the region.

neutral

forward looking

uncertain

2,016

218

notwithstanding the weak growth outturn in q1, the level of economic activity should stay on a broad upward trajectory for the rest of the year.

hawkish

forward looking

certain

2,014

290

in the quarters ahead, imported inflation is likely to rise mildly, as global demand strengthens amid ample supply conditions in key commodity markets.

neutral

forward looking

uncertain

2,018

783

nevertheless, it will take time for the expansion to gather momentum and become more broad-based, before a significant improvement in the labour market can be seen.

dovish

forward looking

uncertain

2,003

473

in particular, output trends in the electronics industry suggest that the slowdown in the global it sector will be shallower and shorter this time round compared to the downturn in 2001, reflecting improvements in inventory management.

hawkish

forward looking

uncertain

2,005

315

in the january 2022 statement , mas increased slightly the slope of the singapore dollar nominal effective exchange rate (s$neer) policy band.

hawkish

not forward looking

certain

2,022

815

domestic-driven sectors, such as construction and related financing and real estate activities, will remain resilient.

neutral

forward looking

certain

2,013

909

the gradual appreciation of the s$ exchange rate over the past few years has helped to mitigate inflationary pressures.

hawkish

not forward looking

certain

2,008

934

s$ nominal effective exchange rate (s$neer) since october 2017, the s$neer has appreciated in the upper half of the policy band, apart from a brief period of decline in early 2018.

hawkish

not forward looking

certain

2,018

402

this will be partially offset by lower imported inflation, if oil prices decline as expected.

dovish

forward looking

uncertain

2,001

510

as part of its ongoing economic surveillance, mas has assessed that it is appropriate to adjust the prevailing stance.

neutral

forward looking

certain

2,015

732

going into 2007, tighter labour market conditions and the lagged effects of commodity price increases would continue to underpin domestic price pressures.

hawkish

forward looking

certain

2,006

26

s$ nominal effective exchange rate (s$neer) since the statement in january, the s$neer has fluctuated within the lower half of the policy band.

neutral

not forward looking

certain

2,015

39

domestic wage growth should also ease as labour demand moderates, especially in sectors more exposed to international trade and finance.

dovish

forward looking

uncertain

2,023

86

nevertheless, barring a renewed worsening of the course of the covid-19 pandemic, the singapore economy is expected to expand in 2021, following the recession this year.

neutral

forward looking

uncertain

2,020

47

mas core inflation, which excludes the costs of private road transport and accommodation, eased to 1.2% y-o-y in january-february 2015 from 1.6% in q4 2014.

dovish

not forward looking

certain

2,015

807

inflation rose to an average of 2.8% in july-august, with about half the increase attributed to the one-off impact of the gst hike.

hawkish

not forward looking

certain

2,007

957

the risk remains that underlying cost pressures in the economy could mount, leading to a stronger pass-through to consumer prices over the medium term.

hawkish

forward looking

uncertain

2,015

903

trends in gdp growth the growth momentum in the economy, as measured by the seasonally adjusted quarter-on-quarter annualised gdp growth, has remained strong, although it is expected to taper off from q1 2001 onwards.

neutral

not forward looking

certain

2,001

526

according to the advance estimates released by the ministry of trade and industry today, the singapore economy grew by 0.1% year-on-year in q3 2019, similar to the preceding quarter.

neutral

not forward looking

certain

2,019

933

mas core inflation will rise only gradually next year.

hawkish

forward looking

uncertain

2,016

454

mas will continue to guide the s$neer within this exchange rate band, and stands ready to intervene to dampen excessive volatility should this become necessary.

neutral

forward looking

uncertain

2,001

606

mas will review its policy stance in july, and will be making a statement on then.

irrelevant

forward looking

certain

2,001

941

however, retail and services inflation came in lower than expected.

neutral

not forward looking

certain

2,019

298

according to the advance estimates released by the ministry of trade and industry today, singapore’s gdp growth came in at 1.1% in q1 2015 on a quarter-on-quarter seasonally adjusted annualised basis, following the 4.9% recorded in q4 2014.

dovish

not forward looking

certain

2,015

702

the singapore economy has largely evolved as envisaged in the april 2018 policy review, and is likely to expand at a slower but steady pace for the rest of this year and in 2019.

neutral

forward looking

uncertain

2,018

142

the sequential rise in consumer prices during the first few months of this year can be largely traced to modest, one-off, supply-side cost increases, including the gst rate hike.

neutral

not forward looking

certain

2,003

273

the policy band will at the same time be widened slightly in view of the volatility across international financial markets.

dovish

forward looking

certain

2,010

943

at this stage, our assessment is that the singapore economy is likely to expand at a slower rate in 2008 than in the recent past, reflecting weaker global economic growth.

dovish

forward looking

certain

2,007

223

however, retail interest rates have remained stable.

neutral

not forward looking

certain

2,003

154

the three-month s$ sibor fell from 1.01% as at end-march 2015 to 0.82% by the end of june, before rising to 1.14% as at end-september 2015.

neutral

not forward looking

certain

2,015

103

however, the increases are unlikely to be sustained at the same pace.

neutral

forward looking

uncertain

2,013

724

the for the g3 is underpinned by the gradual revival in labour and housing markets in the us, expansionary macroeconomic policies in japan, and improvements in business sentiment in the eurozone.

neutral

forward looking

certain

2,013

369

the weakness in it production and its supporting industries will also persist due to sluggish final demand and ongoing reconfigurations in the electronics cluster.

dovish

forward looking

certain

2,015

502

along with the modest recovery of manufacturing in 2002, the trade-related segments of the services sector are expected to benefit most from the improvement in the external environment.

neutral

forward looking

certain

2,002

44

this was partially offset by lower electricity & gas price inflation following the decline in global oil prices.

neutral

not forward looking

certain

2,023

532

cpi-all items inflation is now projected to come in at -0.5–0.5%, from the 0.5–1.5% expected in october.

dovish

forward looking

certain

2,015

106

the rise in the price index was mainly on account of higher private road transport costs.

neutral

not forward looking

certain

2,002

558

the economy had rebounded strongly from the asian financial crisis, and growth momentum was likely to be sustained by a favourable external environment.

dovish

not forward looking

certain

2,001

259

mas will therefore reduce slightly the rate of appreciation of the s$neer policy band.

hawkish

forward looking

certain

2,019

616

mas has assessed that it is appropriate to further tighten its stance so as to lean against price pressures becoming more persistent.

hawkish

forward looking

certain

2,022

114

overall gdp growth is projected at 2.5-3.5% in 2013, and is unlikely to be significantly different in 2014.

neutral

forward looking

uncertain

2,013

795

slower growth in asia will restrain activity in a range of services industries in singapore such as transport-hub and tourism.

dovish

forward looking

certain

2,008

338

based on the advance estimates released by the ministry of trade and industry on 2 january 2015.

irrelevant

not forward looking

certain

2,015

155

the unemployment rate is expected to average 4.5-5.0% for the year as a whole.

neutral

forward looking

uncertain

2,003

186

advance estimates released by the ministry of trade and industry today indicated that the singapore economy expanded by 2.0% on a quarter-on-quarter seasonally-adjusted basis in q1 2021, moderating from the 3.8% growth in q4 2020.

dovish

not forward looking

certain

2,021

222

however, other business costs including rentals have risen in the past year.

neutral

not forward looking

certain

2,007

162

the disbursement of additional rebates for service & conservancy charges in january 2018 also temporarily dampened headline inflation.

dovish

not forward looking

certain

2,018

862

in july 2001, mas shifted to a neutral exchange rate policy stance, with the policy band reflecting a zero percent appreciation of the trade-weighted nominal effective exchange rate (s$neer).

neutral

not forward looking

certain

2,002

87

according to the advance estimates released by the ministry of trade and industry today, the singapore economy grew by 1.4% on a quarter-on-quarter seasonally-adjusted annualised basis in q1 2018, a moderation from the 2.1% recorded in q4 last year.

neutral

not forward looking

certain

2,018

569

the negative output gap will narrow as most sectors recoup their pre-covid levels by the end of next year.

neutral

forward looking

uncertain

2,020

164

in europe too growth has weakened more than expected.

dovish

not forward looking

certain

2,001

90

as a result, cpi inflation is now projected to come in at 1.5-2% for 2007, from the 0.5-1.5% range expected at the time of the last policy review.

neutral

forward looking

certain

2,007

843

core inflation is likely to come in near the mid-point of the revised forecast range.

neutral

forward looking

uncertain

2,019

945

global economic activity slowed in q3 2022.

dovish

not forward looking

certain

2,022

775

core inflation better reflects underlying price pressures in the economy and is the most relevant among the range of indicators that mas monitors for .

irrelevant

not forward looking

certain

2,011

762

based on the advance estimates released by the ministry of trade and industry on 26 march, the singapore economy contracted by 2.2% year-on-year in q1 2020, following the 1.0% expansion in the preceding quarter.

dovish

not forward looking

certain

2,020

354

at the same time, enhanced medical subsidies, including those under the pioneer generation package, have led to a one-off reduction in the prices of healthcare services.

irrelevant

not forward looking

certain

2,015

748

while core inflation was expected to rise and gradually turn positive this year, it would stay well below its long-term average.

dovish

forward looking

uncertain

2,021

29

against this backdrop, it is necessary for to remain supportive of the recovery in the domestic economy, while keeping inflation low.

dovish

forward looking

certain

2,003

840

real gdp in q3 expanded by 6.0% (on a year-on-year basis), bringing growth over jan-sep 2005 to an average of 4.7%.

neutral

not forward looking

certain

2,005

544

the surge in oil prices had resulted in petrol prices being raised on five occasions, and electricity tariffs on three occasions in 2000, while the prices of meat, water and tobacco rose because of administrative decisions meat prices were affected by the compulsory installation of meat-chillers, which raised prices of meat processed locally.

hawkish

not forward looking

certain

2,001

287

however, global it output growth is expected to ease to a more sustainable pace as the ramp-up in production linked to inventory re-stocking runs its course.

neutral

forward looking

uncertain

2,017

727

with final demand in the advanced economies softening, growth in asia will slow, notwithstanding some support from domestic demand.

dovish

forward looking

certain

2,011

703

prices continued to adjust with a lag to the economic downturn last year, and have been held down by the absence of imported inflation and the slack in the domestic economy.

dovish

not forward looking

certain

2,002

626

this policy stance, which has been in place since april 2004, was assessed to be appropriate for containing any rise in inflationary pressures amidst higher global inflation and domestic costs.

hawkish

not forward looking

certain

2,006

446

consequently, inflationary pressures should be muted.

dovish

forward looking

uncertain

2,019

207

gdp growth this year should come in at the upper half of the official forecast range of 6.5-7.5%.

neutral

forward looking

uncertain

2,006

466

amid the declines in coe premiums since november and the larger coe supply this year compared to 2023, cpi-all items inflation in 2024 is now forecast to be lower at 2.5–3.5%, down from the previous range of 3–4%.

dovish

forward looking

certain

2,024

605

looking ahead, imported inflation, while broadly benign, will be susceptible to temporary spikes in food prices due to weather-related disruptions.

dovish

forward looking

uncertain

2,012

75

the recovery in the manufacturing and financial sectors should resume, supported by the upturn in the electronics cycle and anticipated easing in global interest rates.

dovish

forward looking

uncertain

2,024

16

according to the advance estimates released by the ministry of trade and industry today, gdp contracted by a further 19.7% q-o-q saar in q1 2009, with the decline accentuated by a reduction in pharmaceutical output.

dovish

not forward looking

certain

2,009

428

on a year-ago basis, gdp rose marginally by 0.2% in q1, after three consecutive quarters of decline.

neutral

not forward looking

certain

2,021

98

domestic cpi inflation rose significantly from 0.9% in q1 2010 to 3.1% in q2, and edged up further to 3.2% in july-august.

hawkish

not forward looking

certain

2,010

960

the singapore economy is expected to strengthen over the rest of 2024, with the slightly negative output gap closing by year-end.

neutral

forward looking

uncertain

2,024

485

at this pace of growth, the unemployment rate is likely to average around its q4 2005 level of 2.5%.

neutral

forward looking

certain

2,006

538

it aimed to cap medium-term inflationary pressures, while continuing to be supportive of economic activity as growth came off its cyclical high and moderated to a slower pace.

dovish

not forward looking

certain

2,001

572

the resilience budget announced on 26 march, and the earlier unity budget, will help to preserve jobs, skills and firms’ know-how and capabilities.

neutral

not forward looking

certain

2,020

61

looking ahead, imported inflationary pressures are expected to remain low, reflecting the excess capacity that remains even as the global economy gradually recovers.

neutral

forward looking

uncertain

2,002

689

the global growth remains uncertain.

neutral

forward looking

uncertain

2,023

615

this policy stance is assessed to be appropriate for containing inflationary pressures, anchoring inflation expectations, and facilitating the restructuring of the economy towards sustainable growth.

hawkish

not forward looking

certain

2,013

976

according to the advance estimates released by the ministry of trade and industry today, singapore’s gdp declined by 1.5% on a quarter-on-quarter seasonally adjusted annualised basis in q3 2012, following marginal growth of 0.2% in the revised q2 data.

neutral

not forward looking

certain

2,012

260

given these factors, both mas core inflation and cpi-all items inflation are expected to average between −1 and 0% in 2020.

neutral

forward looking

certain

2,020

948

mas will therefore maintain its policy of a modest and gradual appreciation of the s$neer policy band.

hawkish

forward looking

certain

2,013

518

at the same time, inflationary pressures continue to be a concern over the medium term, with the economy at close to its potential output level and with upside risks to external inflation.

hawkish

forward looking

certain

2,005

779

on balance, we expect cpi inflation to be higher this year than in 2000, but to remain below 2% for the year as a whole.

neutral

forward looking

uncertain

2,001

46

although the eurozone is still likely to slip into a recession in 2012, tail risks have receded following the ecb’s longer-term refinancing operations programme.

dovish

forward looking

certain

2,012

527

in april 2012, mas increased the slope of the s$neer policy band slightly.

hawkish

not forward looking

certain

2,012

377

the strength of the domestic currency was also boosted by positive news, including the containment of the sars outbreak in singapore, and the signing of the us-singapore fta.

hawkish

not forward looking

certain

2,003

5

mas core inflation, which excludes private road transport and accommodation costs, receded to 1.5% y-o-y in january-february 2013, from 2.0% and 2.4% in q4 and q3 2012, respectively.

dovish

not forward looking

certain

2,013

956

all in, both mas core inflation and cpi-all items inflation are forecast to come in between −0.5 and 0% in 2020.

neutral

forward looking

certain

2,020

864

the slack in the labour market should continue to be absorbed and the negative output gap close in 2022.

dovish

forward looking

certain

2,021

861

mas core inflation has slowed and is projected to broadly decline over the course of 2024.

dovish

forward looking

certain

2,023

48

the mas will therefore re-centre the exchange rate policy band at the current level of the s$neer, while maintaining a zero percent appreciation path.

neutral

forward looking

certain

2,003

256