Singapore’s GDP Grew by 3.4 Per Cent in the First Quarter of 2022

14 April 2022. Based on advance estimates, the Singapore economy grew by 3.4 per cent on a year-on-year basis in the first quarter of 2022, moderating from the 6.1 per cent growth in the preceding quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 0.4 per cent, slower than the 2.3 per cent growth in the previous quarter.

Sectoral Performance

The manufacturing sector expanded by 6.0 per cent year-on-year in the first quarter of 2022, moderating from the 15.5 per cent growth in the preceding quarter. Growth during the quarter was supported by output expansions in all clusters, except for the chemicals cluster. In particular, the electronics and precision engineering clusters continued to record strong output growth, driven by sustained global demand for semiconductors and semiconductor equipment respectively. On a quarter-on-quarter seasonally-adjusted basis, the manufacturing sector contracted by 1.2 per cent in the first quarter, a reversal from the 6.3 per cent growth in the previous quarter.

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MINISTRY OF TRADE AND INDUSTRY
14 April 2022