I refer to the Department of Statistics’ Monthly Digest of Statistics Singapore June 2012. http://www.singstat.gov.sg/pubn/reference/mdsjun12.pdf
Job Seekers Attended to by the Community Development Councils (CDCs) and e2i, was 99,608 and 100,504, in 2010 and 2011, respectively.
Job Seekers Given Job Referrals was 55,821 and 44,450, respectively.
This works out to a declining referral rate of 56 and 44 per cent, respectively.
Job Seekers Placed in Employment was 17.732 and 14,223, respectively.
This works out to a declining placement rate of 18 and 14 per cent, respectively.
The above may indicate that it may be harder to get a job, with only 14 out of 100 job seekers being placed in employment.
Surplus increase by 73%
Government Finance
Surplus was 15.4 in 2010, and 26.6 billion in 2011.
This means that the Surplus increased by a whopping 73 per cent.
Government debt growing
Government Debt was 321 in 2010, 354 in 2011 and 367 billion in 2012 Q1.
Government Administration increase 21% against 14% for health
Whilst Government Operating Expenditure on Health grew by only 14 per cent from 3.07 to 3.5 billion, from 2010 to 2011 – in contrast, Government Administration grew by 21 per cent from 1.13 to 1.37 billion.
Rising debt
Loans and Advances of Domestic Banking Units to Non-bank Customers, grew by a whopping 30 per cent, from 322,743.8 in 2010 to 420,455.5 million in 2011.
Electricity tariff increase 40%
Electricity Tariff (Price Index) increase by 40 per cent, from 100 in 2009 to 140.5 in May 2012.
Rising property vacancy rate
Available and vacant private residential properties
Vacant private residential properties increased from 12,883 in 2010, to 15,980 in 2011, and 16,127 in 2012 Q1.
Available properties increased from 258,243 in 2010, to 268,768 in 2011, and 270,950 in 2012 Q1.
This means that the vacancy rate rose to5, 5.9 and 6 per cent, respectively, for the above periods.
Cessation of companies increase
The cessation of Companies increased by 26 per cent, from 15,131 in 2010, to 19,005 in 2011.
This may be an indication of an increasingly difficult business environment
Low private consumption expenditure
Private Consumption Expenditure at 103,449.1, 107,724.8 and 26,663.6 million in 2010, 2011 and 2012 Q1, respectively, over Total GDP of 285,658.5, 299,624.7 and 75,135.2 million, respectively, works out to Private Consumption remaining constant at about 36 per cent.
This is relatively low compared to other developed countries, and may be an indication of the weak purchasing power of consumers in Singapore.
For example, Hong Kong’s is much higher than Singapore, at about 60 per cent.
Labour productivity continues to fall
Labour productivity fell by – 2.2 per cent in 2012 Q1, down from 2011 Q4’s – 0.5 per cent.
This may indicate that the consistent rhetoric that wages can only rise with productivity, may not be working out.
Foreign population increase continues
Despite the consistent rhetoric that the influx of foreigners will be curtailed, the foreigners’ population increased by 6.9 per cent, from 2010 to 2011, against a 0.8 per cent increase in Singaporeans.
The 1.7 per cent decline in the permanent residents (PR) population, may be due to reduced new PR approvals, emigration of existing PRs, and conversion to citizens which I understand is about 20,000 a year.
Amount due to CPF members
Total Amount of CPF Due to Members increased from 186 in 2010, to 207.5 in 2011, and 217.7 billion in May 2012.
The ratio of total annual CPF amount withdrawn (10.4 billion) to amount contributed (24.7 billion) was 0.42 in 2011.
With the delay of withdrawals to age 65 under the CPF Life scheme and increasing CPF Minimum Sums at age 55, this ratio may decline in the future.
Unit business cost rising
Unit Business Cost Index of Manufacturing continues to increase from 102.5 in 2010, to 105.2 in 2011, and 112.1 in 2012 Q1.
Leong Sze Hian
