Singapore Q4 GDP expands by 5.9%; full-year ‘21 growth at 7.2%

Author: Nurluqman Suratman


SINGAPORE (ICIS)--Singapore's economy expanded by 5.9% year on year in the fourth quarter, supported by strong growth in the manufacturing sector, official preliminary data showed on Monday.

Manufacturing expanded by 14% year on year in October-December 2021, faster than the 7.9% growth posted in the third quarter, as output across all industrial segments grew, the Ministry of Trade and Industry (MTI) said in a statement.

The construction sector grew by 2.0% on a year-on-year basis in the fourth quarter of 2021, much slower than the 66.3% growth recorded in the preceding quarter.

For the whole of 2021, Singapore's economy posted a 7.2% growth, reversing the 5.4% contraction in 2020.

Manufacturing expanded by 12.8% year on year in 2021, while construction was up by 18.7%.

Prime Minister Lee Hsien Loong had said that he expects the Singapore economy to expand by 3-5% in 2022.

"Our economy is recovering steadily. Barring fresh disruptions, it should grow in step with global economic recovery," he said in a speech dated 31 December 2021.