Singapore's GDP growth slows down to 3.8% in 2022 compared to 7.6% in 2021

In a breakdown, Singapore's manufacturing sector shrank by 3% year on year in the fourth quarter of 2022 and expanded by 2.6% in the whole year

Singapore's Ministry of Trade and Industry announced on Tuesday that the country's gross domestic product (GDP) grew by 3.8 per cent in 2022, compared to the 7.6 per cent growth in 2021.

This annual growth rate was calculated with advance GDP estimates for the fourth quarter of 2022, which are computed largely from data in the first two months of the quarter, reports Xinhua news agency.

The Ministry said that based on advance estimates, Singapore's GDP grew by 2.2 per cent year on year in the fourth quarter of 2022, moderating from the 4.2 per cent growth in the previous quarter.

On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 0.2 per cent, extending the 1.1 per cent expansion in the third quarter.

In a breakdown, Singapore's manufacturing sector shrank by 3 per cent year on year in the fourth quarter of 2022 and expanded by 2.6 per cent in the whole year.

The construction sector grew by 10.4 per cent year on year in the fourth quarter and 6.5 per cent in the year.

The services producing industries expanded by 4.1 per cent year on year in the quarter and 5 per cent in the year.

The Ministry said that the advance GDP estimates are intended as an early indication of the GDP growth in the fourth quarter, and are subject to revision when more comprehensive data become available.

It added that it will release the preliminary GDP estimates for the fourth quarter and whole of 2022 in February.

--IANS

ksk/