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Singapore GDP growth to be around 7.0 per cent

Christian Fernsby |
The Ministry of Trade and Industry (MTI) announced that Singapore’s GDP growth is expected to come in at “around 7.0 per cent” in 2021 and “3.0 to 5.0 per cent” in 2022.

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In the third quarter of 2021, the Singapore economy grew by 7.1 per cent on a yearon year basis, slower than the 15.2 per cent expansion recorded in the previous quarter.

This brought GDP growth in the first three quarters of 2021 to 7.7 per cent.

On a quarter on quarter seasonally adjusted basis, the economy expanded by 1.3 per cent in the third quarter, a turnaround from the 1.4 per cent contraction in the second quarter.

By sectors, the manufacturing sector grew by 7.2 per cent year on year, moderating from the 17.9 per cent growth in the preceding quarter.

All clusters within the sector, except for the biomedical manufacturing cluster, expanded during the quarter.

In particular, the electronics and precision engineering clusters continued to post healthy growth amidst robust global demand for semiconductors and semiconductor equipment respectively.

On a quarter on quarter seasonallyadjusted basis, the manufacturing sector shrank marginally by 0.1 per cent, easing from the 2.2 per cent contraction in the second quarter.

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