Singapore’s GDP Grew by 0.1 Per Cent in the First Quarter of 2023

14 April 2023. Based on advance estimates, the Singapore economy grew by 0.1 per cent on a year-on-year basis in the first quarter of 2023, slower than the 2.1 per cent growth recorded in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the Singapore economy contracted by 0.7 per cent, a reversal from the 0.1 per cent expansion in the fourth quarter of 2022.

Sectoral Performance

The manufacturing sector contracted by 6.0 per cent year-on-year in the first quarter of 2023, worsening from the 2.6 per cent contraction in the previous quarter. The weak performance of the sector was due to output contractions across all the manufacturing clusters, except for the transport engineering cluster. On a quarter-on-quarter seasonally-adjusted basis, the sector shrank by 5.2 per cent in the first quarter, a pullback from the 1.0 per cent expansion in the fourth quarter of 2022.

Download the full press release [PDF, 147 KB].

MINISTRY OF TRADE AND INDUSTRY
14 April 2023