News

Economy

Staff Reporter

, Singapore

Published:

2 years ago

169 views

Photo by Kelvin Zyteng on Unsplash

Economic growth slows down in 2022

For the full year, GDP only increased by 3.8%.

The Ministry of Trade's (MTI) advance estimates showed that the growth of Singapore's gross domestic product (GDP) decelerated in 2022.

Based on the MTI's report, GDP grew by 3.8% in 2022, slower than the 7.6% growth in 2021.

This after GDP's growth further dropped to 2.2% in Q4, mainly due to the 3.0% contraction in Manufacturing and smaller growths across industries.

In Q4, MTI said the manufacturing sector contracted due to decreases in the electronics, chemicals and biomedical manufacturing clusters.

Meanwhile, services sectors namely Wholesale & Retail Trade and Transportation & Storage; Information & Communications, Finance &
Insurance and Professional Services; and Accommodation & Food Services, Real Estate, Administrative & Support Services and Other Services grew slower by 2.3% YoY, 2/9%, and 8.2% YoY, respectively.

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