Singapore GDP grows 3.8% in 2022, as Q4 moderates to 2.2%

Singapore’s economy expanded 3.8 per cent year on year in 2022, with growth in the services sector helping to offset sluggish performance in the manufacturing sector, according to advance estimates from the Ministry of Trade and Industry (MTI) on Tuesday (Jan 3).

This makes last year’s gross domestic product (GDP) slightly better than the official forecast of “around 3.5 per cent” that MTI had narrowed to in November last year.

Fourth quarter GDP came in at 2.2 per cent year on year, slower than the revised 4.2 per cent seen in Q3.

Sequentially, the economy grew 0.2 per cent in Q4, improving from the previous quarter’s 1.1 per cent contraction.

Still, the manufacturing sector shrank 3 per cent year on year in Q4, compared to a 1.4 per cent growth in the previous quarter. This is the sector’s first contraction since Q2 2020, when Singapore implemented a “circuit breaker” at the height of the Covid-19 pandemic.

For the full year, manufacturing grew 2.6 per cent year on year, a far cry from the 13.2 per cent growth it clocked in 2021 when it helped to support the economy before border restrictions and other Covid-19 measures were lifted last year.

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