Singapore has rebounded from last year's global economic
downturn with spectacular success. The country's economy is one of
fastest growing in the world and Singapore's government and many
economists predict GDP growth in 2010 to be comfortably above 10
per cent.
Economy
Singapore's economy has grown at break-neck speed throughout
2010, boosting Asian economic growth that is outpacing the rest of
the world.
Singapore's Ministry of Trade and Industry reported recently
that GDP grew by 18.1 per cent in the first half of 2010. That was
the country's biggest rise since record-keeping began in 1975,
according to moneymorning.com.
Total 2010 export growth is projected at up to 19 per cent. The
strength of Singapore's export sector, particularly to Asia, plus
increased consumer spending, are expected to offset future risks
from a weak European economy.
Singapore remains one of the most competitive economies in the
world with an almost corruption-free business and Government
sector. Job losses during the global recession were few, which has
helped keep Singapore's consumers among those with the highest
levels of income in the world.
Key Indicators
Sources:
www.economist.com (GDP Growth)
www.xe.com (Exchange rates)
| Exchange Rate vs NZD |
SGD1 = NZD1.0 (12 Nov 10) |
| Expected GDP Growth |
+12.8% for 2010
+4.6% for 2011
(Sept 10 est.) |
Outbound Travel
The strong economic recovery bodes well for outbound travel from
Singapore in 2010. Overseas travel remains a priority among
Singaporeans and the number of outbound flights is expected to
improve on the 4.9 million recorded in 2009.
A surge in holiday arrivals to New Zealand in February was due
to strong demand during the Chinese New Year, which was in January
last year. A 100-strong incentive group also boosted arrivals in
February.
Holiday visitor arrivals were slower than usual in March and
April but have been relatively steady on last year's levels in
every month since May. This is despite many locals opting to stay
home to watch the FIFA World Cup, Singapore hosting the Youth
Olympic Games in June, and the opening of two local resorts, backed
by aggressive advertising campaigns targeting the domestic
market.
Airline Update
Passenger traffic at Singapore's Changi Airport grew by 3.64
million passengers in June, continuing the positive upward trend
for the first five months of the year.
Singapore Airlines has added two additional flights on its
Singapore to Auckland route to cover the peak travel season, from
November 2010 to January 2011. This increases the number of weekly
flights to Auckland to 14 per week. Christchurch is also being
served daily.
Budget airline Jetstar Asia is continuing to actively promote
upcoming daily flights between Singapore and Auckland starting
March 2011. The airline has been offering promotional one-way fares
of S$448 on the route.
Competitor Activity
Singapore tourism agencies have joined with the Korean Tourism
Organisation to promote travel between their two nations.
Tourism Australia's new brand campaign "There's Nothing Like
Australia" launched in Singapore recently, with TV and YouTube
activity. Australia is the sixth most popular travel destination
for Singaporeans, attracting 285,300 visitors from Singapore in
2009.
Jetstar has chosen Singapore as its Asian hub for both
short-haul and long-haul operations.
Taiwan Tourism, along with the tourism bodies from Japan and
South Korea, are running weekly travel features on Channel
NewsAsia.