Singapore’s GDP Grew by 2.2 Per Cent in the Fourth Quarter of 2022 and by 3.8 Per Cent in 2022

3 January 2023. Based on advance estimates, the Singapore economy grew by 2.2 per cent on a year-on-year basis in the fourth quarter of 2022, moderating from the 4.2 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 0.2 per cent, extending the 1.1 per cent expansion in the third quarter. For the whole of 2022, the economy grew by 3.8 per cent, slower than the 7.6 per cent growth in 2021.

Sectoral Performance

The manufacturing sector contracted by 3.0 per cent year-on-year in the fourth quarter of 2022, a reversal from the 1.4 per cent growth in the previous quarter. This came on the back of output contractions in the electronics, chemicals and biomedical manufacturing clusters, which outweighed output expansions in the precision engineering, transport engineering and general manufacturing clusters. On a quarter-on-quarter seasonally-adjusted basis, the manufacturing sector expanded by 1.8 per cent in the fourth quarter, a turnaround from the 3.9 per cent contraction in the preceding quarter.

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MINISTRY OF TRADE AND INDUSTRY
3 January 2023