Singapore Economic Outlook (Based on MAS release on Singapore: Recent economic developments) dated 24 May 2004


a. Strong growth momentum since second half of 2003


b. Supported by the upturn in the global economy and the pickup in global IT demand


c. Economy expanded by 11% q-o-q SAAR in Q1 2004, 7.5% compared to the same period last year


d. Manufacturing sector expanded by 17% (q-o-q SAAR) in Q1 2004, boosted by strong performance in both electronic and non-electronic sector


e. Singapore’s non-oil domestic exports soared by 32%on a q-o-q SAAR basis


f. Service sector grew by 4.4% in Q1


g. The rebound in global travel has supported the recovery of the tourism segment, with business at hotels and restaurants returning to pre Sars level.


h. Activities in the financial services sector (foreign exchange trading, fund management and corporate financing) have remain relatively strong


i. Loan growth has also picked up, mainly supported by housing loans.


j. Labor market continues to improve in Q1.


k. 14300 jobs created in Q1, followed by an increase of 16200 jobs in the preceding quarter.


l. Employment increase was fairly broad-based across both manufacturing and services sectors.


m. Outlook of Singapore economy has strengthened, against the backdrop of continued growth in the global economy and IT markets..


n. Official GDP forecast range for 2004 has been revised upwards to 5.5-7.5% from 3.5-5.5%


Telecom Industry on the rebound (based on IDA release on Statistics on Telecom Services for 2004 (Jan – Jun)



CATEGORY


JAN


FEB


MAR


APR


MAY


JUN


Fixed Line Market


- Total Number Telephone Lines


1,896,100


1,893,200


1,889,500


1,885,200


1,882,100


- Fixed Line Penetration


45.3


45.2


45.1


45.0


45.0


Mobile Market


- Total Mobile subscribers


3,521,800


3,544,400


3,577,500


3,605,800


3,630,300


- GSM 900 subscribers


2,474,300


2,489,600


2,508,300


2,521,400


2,523,500


- GSM1800 subscribers


1,047,500


1,054,800


1,069,200


1,084,400


1,106,800


- Total Pre-Paid SIM Card subscribers1


1,006,800


1,029,200


1,050,700


1,075,200


1,091,400


- Mobile Phone Penetration


84.2


84.7


85.5


86.2


86.7


Paging Market2


- Total Paging subscribers


153,300


147,500


141,600


137,100


132,700


- Numeric subscribers


96,200


91,600


86,800


83,400


79,700


- Alphanumeric subscribers


57,200


55,900


54,800


53,700


52,900


- Paging Penetration


3.7


3.5


3.4


3.3


3.2


Internet Market


- Total Internet Dial-up subscribers3


1,790,400


1,784,500


1,778,200


1,767,600


1,762,400


- Internet Dial-up Penetration


- Total Internet Leased Circuit subscribers


42.8


42.6


42.5


42.2


42.1


2,900


2,900


2,900


2,800


2,800


Broadband Market


- Total Broadband subscribers


399,000


409,700


421,700


428,900


436,400


- Total xDSL subscribers


- Total Cable subscribers


245,200


250,300


256,100


259,800


262,100


- Household penetration4


153,800


159,400


165,700


169,100


174,300


- Residential subscribers


34.0


34.9


35.9


36.5


37.2


- Corporate Subscribers


368,200


378,000


389,100


395,700


403,400


30,700


31,700


32,700


33,100


33,000


International Telephone Service5


276.03 million


260.85 million


293.41 million


293.04 million


313.11 million


- No. of International Telephone call minutes


Trunked Radio Services


- Total Trunked Radio subscribers


50,600


50,600


50,700


50,700


50,900


- Analogue subscribers


- Digital subscribers


0


0


0


0


0


50,600


50,600


50,700


50,700


50,900


Mobile Data Services6


15,600


15,600


15,700


15,600


15,500


- Total Mobile Data subscribers