MTI Maintains 2021 GDP Growth Forecast at “4.0 to 6.0 Per Cent” Amidst Significant Uncertainties Arising from the COVID-19 Pandemic

25 May 2021. The Ministry of Trade and Industry (MTI) today announced that it would maintain Singapore’s GDP growth forecast for 2021 at “4.0 to 6.0 per cent”, in view of the heightened uncertainties in the economic environment, characterised by both upside and downside risks, especially arising from the COVID-19 pandemic (see section on Economic Outlook for 2021). MTI will review the forecast again in the next quarter, when there is more data, and greater clarity over the global and domestic economic situations.

Economic Performance in First Quarter 2021

The Singapore economy expanded by 1.3 per cent on a year-on-year basis in the first quarter, a reversal from the 2.4 per cent contraction in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 3.1 per cent, extending the 3.8 per cent expansion in the fourth quarter of last year.

Download the full press release [PDF, 183 KB].

Economic Survey of Singapore First Quarter 2021

MINISTRY OF TRADE AND INDUSTRY
25 May 2021