Singapore digest news (13.12-17.12)

Photo by A. Smirnova

Singapore labour market down by 2,400 workers in Q3 2021

Singapore’s labour market experienced a decline in the third quarter (Q3) of 2021 by 2,400, according to the Ministry of Manpower (MoM).
Resident employment for the quarter, meanwhile, grew by 19,100, whilst non-resident employment fell by 21,500.
Sectors that influenced increases in resident employment include Information and Communications, Professional Services and Financial Services, as well as more domestically-oriented sectors of Administrative and Support Services and Health and Social Services. On the other hand, sectors that continued to fall behind include Food and Beverage Services, Arts, Entertainment and Recreation, Accommodation, and Retail Trade.


New private home sales reach record-high of 1,547 in November

This was the strongest November sales in 10 years.
New private home sales, excluding Executive Condominiums (EC), soared by 69.8% to a record-high of 1,547 in November, the latest data from Urban Redevelopment Authority showed.
OrangTee, along with other analysts, attributed the strong November performance of private home sales to the launch of the 696-unit CanningHill Piers at Clarke Quay, and the 219-unit The Commodore at Canberra Drive.


Singapore introduces temporary electricity contracting scheme

Singapore's Energy Market Authority (EMA) launched the new Temporary Electricity Contracting Support Scheme (TRECS) to help large consumers unable to obtain retail contracts. It was part of a set of measures to enhance Singapore's energy security and resilience in October 2021.
 EMA has worked with generation companies and electricity retailers to offer one-month fixed price plans for January 2022 to large consumers under TRECS. Gencos will draw on EMA's standby fuel facility to generate electricity, reducing the risk that PNG disruptions might present to gencos. The three retailers participating in TRECS are Geneco (by Seraya Energy), Sembcorp Power, and Senoko Energy Supply. They have collectively offered around 300MW of power capacity for the scheme.


Singapore retail sales 6.5% lower than 2019

Fitch Solutions Country Risk & Industry Research collected data from October 2021 and analysed the dramatic consumer spending shifts in Singapore over the last 20 months of COVID-19 related restrictions.
Data showed overall retail sales have struggled to return to a pre-pandemic level. By 2021, total retail sales have averaged at an index score of 93.5. While this is 12.0% stronger than the 83.4 average over 2020, it is still 6.5% lower than the 99.9 recorded in 2019.


STI to reach 3,500 in 2022: UOB Kay Hian

Research by UOB Kay Hian (UOBKH) showed the Straits Times Index (STI) will continue to perform well in 2022.
The study revealed an aggregate 29% earnings per share growth in 2022 with all sectors, except aviation, to register year-on-year earnings growth. It also expects property, shipyards and land transport to register the strongest earnings growth.