According to the latest data released by Singapore’s Ministry of Trade and Industry on January 3, Singapore’s economy grew by 3.8% in 2022, a significant slowdown from the 7.6% growth recorded in 2021, indicating a weakening of economic momentum.
Q4 Growth Slows, Manufacturing Sector Contracts
Statistics show that in the fourth quarter of 2022, Singapore’s GDP grew by 2.2% year-on-year, lower than the 4.2% growth in the third quarter.
A breakdown by sector reveals the following:
Manufacturing: contracted by 3% year-on-year
Construction: expanded by 10.4%
Services: maintained steady growth at 4.1%
Preliminary Figures Subject to Revision
The economic figures released for Q4 2022 are preliminary estimates. The Ministry of Trade and Industry stated that these figures will be revised once more comprehensive and detailed data becomes available.
