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Jaja2000
2022-01-03

Singapore's GDP grew 7.2% in 2021, on the back of 5.9% Q4 growth

SINGAPORE'S economy grew 5.9 per cent in the fourth quarter of 2021, bringing full-year growth to 7.

Singapore's GDP grew 7.2% in 2021, on the back of 5.9% Q4 growth

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This was supported by output expansions in all clusters, with particularly strong growth in the electronics and precision engineering clusters due to sustained global demand for semiconductors and semiconductor equipment respectively.On a quarter-on-quarter seasonally-adjusted basis, the manufacturing sector grew 4.2 per cent, up from 0.2 per cent in the third quarter.The construction sector grew 2 per cent in Q3, slowing from the 66.3 per cent growth in Q3, which had been due to a low base effect in the year-ago period.The services sector grew 4.6 per cent overall. The strongest growth was by the information and communications, finance and insurance, and professional services group, which grew 6 per cent, though this was a moderation from the previous quarter's 8 per cent growth.The wholesale and retail trade and transportation and storage sectors grew by 4.3 per cent, extending the 6.1 per cent growth in the third quarter. But growth in the transportation and storage sector was partly due to low base effects.The remaining group of services sectors -- accommodation and food services, real estate, administrative and support services, and other services -- grew 3.1 per cent, extending the 3.8 per cent growth in the previous quarter.All sectors in this final group saw expansion, except for the accommodation and food services sector, with MTI attributing this primarily to ongoing travel restrictions, as well as tighter domestic restrictions on dining-in group sizes compared to the year-ago period.As Singapore’s recovery moderates, the official 2022 full-year forecast is for 3 to 5 per cent growth.The advance estimates are computed mainly from data from the first two months of the quarter, October and November. 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Singapore's GDP grew 7.2% in 2021, on the back of 5.9% Q4 growth

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