​Employment and economic performance for Q1 2018
PUBLISHED ON 27 Apr 2018
Retrenchments in Singapore have fallen to the lowest in seven years. The Ministry of Manpower also said that the unemployment rate fell in the first quarter of 2018.

Retrenchments fell to 2,100 in the first quarter, lower than the 4,000 in the same period last year. Retrenchments largely fell in manufacturing, construction and service sectors.

Unemployment rate also fell to 2 per cent with unemployment rate for residents decreasing to 2.8% from 3%. Unemployment rate for Singapore citizens however, remained unchanged at 3%.

MOM also reported that the services industry, transportation and storage saw increases in employment.

Separately, the Monetary Authority of Singapore said in its bi-annual Macroeconomic Review that the economy is expected to expand, with growth coming in from trade-related sectors as Singapore continues to leverage on the demand of the global electronics industry.

MAS also cautioned that though growth is expected to remain strong with improved labour market and increased consumer spending, global tension between the United States and China will have some effects and risks to Singapore’s economy.

MAS added that Singapore’s GDP in 2018 is expected to be in the middle of the forecasted range of 1.5 per cent to 3.5 per cent.