I refer to the Department of Statistics’ MONTHLY DIGEST OF STATISTICS SINGAPORE, FEBRUARY 2013.
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| Leong Sze Hian |
Social spending decreased?
GOVERNMENT OPERATING EXPENDITURE – Social Development (Education, healthcare, community development, etc) – decreased from $17.7 $17.5 billion, from 2011 to 2012.
GOVERNMENT DEVELOPMENT EXPENDITURE – Social Development – decreased from $3.7 to $3.5 billion, from 2011 to 2012.
Since we seem to keep hearing the rhetoric that more will be done for Singaporeans and social spending, why is it that both Government Operating and Development Expenditures for social spending decreased?
And we have not even adjusted the above figures for inflation last year – which means that we may actually have spent even less!
In this regard, the CONSUMER PRICE INDEX increased from 108.2 to 113.1, from 2011 to 2012.
Gas Tariff grew 14%?
The Price Index of the Gas Tariff grew by 14% from 114.7 to 131.0, from 2011 to 2012.
Electricity Tariff grew 7.5%?
The Price Index of the Electricity Tariff grew by 7.5% from 126.9 to 136.4, from 2011 to 2012.
Govt surplus increase?
GOVERNMENT FINANCE – Surplus – grew from $27 to $36 billion, from 2011 to 2012. Why is it that social spending is down whereas the surplus is up?
Govt debt increase?
GOVERNMENT DEBT grew by about 9% from $354 to $385 billion, from 2011 to 2012.
Real Average Earnings grew minus 2.3%?
The AVERAGE MONTHLY NOMINAL EARNINGS PER EMPLOYEE grew by 2.3% from $4,334 in 2011 to $4,433 in 2012.
After adjusting for inflation which I understand was 4.6% in 2012, the real growth was minus 2.3%.
Does this mean that the real growth for AVERAGE MONTHLY NOMINAL EARNINGS was even worse than the minus 2% for the real median wage growth last year? (“Yet another year of negative real wage increase?“, Jan 31)
Singaporeans dropped from 86.1 to 61.8%?
The proportion of Singaporeans in the total population declined from 86.1% (1990) to 74.1 (2000) and 61.8% (2012).
Non-Residents grew from 10.2 to 28.1%?
In contrast, the proportion of Non-Residents grew from 10.2% (1990) to 18.7 (2000) and 28.1% (2012).
PRs grew from 3.7 to 10.0%?
Permanent Residents (PRs) grew from 3.7% (1990) to 7.1 (2000) and 10.0% (2012).
Singaporeans’ growth rate 0.9%?
In Average Annual Growth terms, Singaporeans grew by just 1.7, 1.3 and 0.9% in 1990, 2000 and 2012.
Non-Residents growth rate 7.2%
In contrast, Non-Residents grew by 9.0, 9.3 and 7.2%, respectively.
Permanent Residents (PRs) grew by 2.3, 9.9 and 0.2%, respectively.
Non-Singaporeans grew from 13.9 to 38.2%?
Total population grew from 3.05 to 5.31 million?
Singapore’s total population grew from 3.05 million (1990) to 4.03 (2000) and 5.31 million (2012).
Job placement rate just over 10%?
The ratio of Job Seekers Placed in Employment to Job Seekers Attended To was 14, 18 and 12%, for 2011, 2012 and December 2012, respectively.
Productivity continues to decline?
Labour Productivity was 1.3 in 2011, – 2.6 in 2012, and – 2.2, – 1.6, – 3.8 and – 2.5 for 2012Q1 to Q4, respectively.
Unit Business Cost increase?
Unit Business Cost Index of Manufacturing continues to increase from 105.8 in 2011 to 110.1 in 2012, and 113.7 in 2012Q4.
Unit Labour Cost increase?
Unit Labour Cost Index of Overall Economy continues to increase from 114.6 in 2011 to 119.3 in 2012, and 129.9 in 2012Q4.
Govt rates & fees increase?
Government Rates & Fees continues to increase from 103.3 in 2011 to 123.8 in 2012, and 129.1 in 2012Q4.
Business Expectations down?
General Business Expectations is low at – 10, – 11, – 11, – 10, for 2011Q3, Q4, 2012Q3 and Q4, respectively.
New Orders Received down?
New Orders Received was negative, at – 20 and – 9, for 2012Q3 and Q4, respectively.
Cessation of companies increase?
CESSATION OF COMPANIES increased from 15,134 in 2010 to 19,007 in 2011.
CPF Due to Members increase?
Total Amount of CPF Due to Members grew from $208 to $233 billion, from 2011 to January 2013.
CPF Withdrawn to Contributed ratio 45%?
The ratio of CPF Amount Withdrawn to Amount Contributed was about 45% in 2012. Does this mean that for every dollar of contributions, only about 45 cents is being withdrawn now? At this rate, CPF may continue to be a good source of low-interest funding for the Government.
Singaporeans have low spending power?
Private Consumption Expenditure continues to be low, at about 35% for 2011 and 2012.
In contrast, I understand that Hong Kong’s is about 60%.
Pawn Shop Loans increased 45%?
Amount of Pawn Shop Loans increased by 45% from $4.9 to $7.1 billion, from 2011 to 2012.
Looking at the above statistics, to what extent has the rapid growth in foreigners contributed to low productivity, negative real wage growth and low job seekers’ placement rate, etc, in recent years?
Source: Leong Sze Hian
Leong Sze Hian is the Past President of the Society of Financial Service Professionals
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