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Singapore – Resident unemployment down in December and number of foreign workers declines in 2017
Singapore’s seasonally-adjusted resident unemployment rate declined over the course of 2017 to 3.0% in December 2017 according to the latest statement on labour market developments from the Ministry of Manpower.
The Ministry stated that the labour market in Singapore improved in 2017, in line with an increase in economic activity.
Local employment grew by 21,300 in 2017, nearly double the growth in 2016. Growth was driven mainly by the Financial & Insurance Services, Information & Communications, Professional Services, and Healthcare sectors.
Foreign employment (excluding Foreign Domestic Workers) declined by 32,000 in 2017. The decline was mainly due to a decrease in Work Permit Holders (down 32,200 over the year) in sectors such as Marine Shipyard and Construction.
Redundancies declined to 14,720 in 2017, lower than that in 2016 (19,170). The main reason for the layoffs in 2017 continued to be business restructuring and reorganisation.
The Ministry’s figures also showed that overall labour productivity (as measured by value-added per actual hour worked) rose by 4.5% in 2017, more than double the growth of 1.8% in 2016.
Meanwhile, the Ministry of Trade and Industry has projected that the Singapore economy will grow by 1.5% to 3.5% in 2018, with growth likely to come in slightly above the middle of the forecast range, barring the materialisation of downside risks.
“Against this backdrop, MOM expects local employment to continue to grow this year, although with some continued unevenness across sectors,” the Ministry of Manpower stated.
“Hiring is expected to remain cautious in sectors such as Construction and Marine Shipyard, while job opportunities will continue to be available in the Manufacturing sector as well as the Services sectors, particularly Infocomms & Media, Finance & Insurance, Healthcare, Professional Services, Logistics and Wholesale Trade,” the Ministry stated. “Looking ahead, total workforce growth will remain modest due to demographic trends affecting the local workforce and moderated foreign workforce growth.”
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