With cost of living on the rise, is Singapore getting too expensive to live in?
Housing cost is definitely one of the biggest costs in Singapore, compared to other countries.
At the same time, we are fortunate to enjoy an effective public healthcare system as well as good public schools.
Diving deeper into the key metrics from MTI, let’s explore the cost of living issue in Singapore.
This article was written by a Financial Horse Contributor.
1. Singapore economy
For the second quarter of 2024, the Singapore economy grew by 2.9% on a year-on-year basis.
The sectors that contributed the most to GDP growth during the quarter were the finance & insurance, wholesale trade and information & communications sectors.
How much do Singaporeans earn?
The median gross monthly income (including employer CPF contributions) for full-time employed residents in Singapore is estimated to be about SGD 5,070.
While wages are on the rise, they also correspond to the high expenses associated with living in Singapore.
Unemployment rates declined for residents and citizens, notwithstanding a marginal increase in the number of retrenchments.
According to EDB’s latest Business Expectations Survey for the Manufacturing Sector, hiring expectations in the sector were neutral.
Meanwhile, hiring expectations for services firms remained positive.
On the other hand, firms in the transportation & storage and real estate sectors registered a neutral hiring outlook – similar to that of 2Q.
3. Inflation
The Consumer Price Index (CPI) rose by 2.8% on a year-on-year basis in the 2nd quarter of 2024.
Most CPI categories saw price increases on a year-onyear basis in the second quarter of 2024, thus contributing positively to CPI.
Food prices rose by 2.8% on account
