Singapore’s economy grew by 7.2% in 2021

Singapore's economy grew by 7.2% in 2021

SINGAPORE: Singapore’s Ministry of Trade and Industry announced on Monday that based on advance estimates, the country’s gross domestic product (GDP) grew by 7.2 per cent in 2021, rebounding from the 5.4 per cent contraction in 2020.

In the fourth quarter of 2021, Singapore’s GDP grew by 5.9 per cent year on year, moderating from the 7.1 per cent growth in the previous quarter, reports Xinhua news agency. On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 2.6 per cent in the fourth quarter, faster than the 1.2 per cent growth in the preceding quarter.

In a breakdown, Singapore’s manufacturing sector expanded by 14 per cent year on year in the fourth quarter and 12.8 per cent in the whole year of 2021.

The construction sector expanded by 2 per cent year on year in the quarter and 18.7 per cent in the year. The services-producing industries expanded by 4.6 per cent year on year in the quarter and 5.2 per cent in the year. The advanced GDP estimates for the fourth quarter of 2021 were computed largely from data in the first two months of the quarter, according to the Ministry.

These figures are intended as an early indication of the GDP growth in the quarter, and are subject to revision when more comprehensive data become available.


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