MTI Upgrades 2021 GDP Growth Forecast to “6.0 to 7.0 Per Cent”

11 August 2021. The Ministry of Trade and Industry (MTI) today upgraded Singapore’s GDP growth forecast for 2021 to “6.0 to 7.0 per cent”, from “4.0 to 6.0 per cent”.

Economic Performance in Second Quarter 2021

The Singapore economy expanded by 14.7 per cent on a year-on-year basis in the second quarter of 2021, faster than the 1.5 per cent growth in the previous quarter. The strong growth was largely due to the low base in the same period last year when GDP fell by 13.3 per cent as a result of the Circuit Breaker (CB) measures implemented from 7 April to 1 June 2020, as well as the sharp fall in external demand amidst the COVID-19 pandemic. In absolute terms, GDP remained 0.6 per cent below its pre-pandemic level in the second quarter of 2019. On a quarter-on-quarter seasonally-adjusted basis, the Singapore economy contracted by 1.8 per cent in the second quarter of 2021, a reversal from the 3.3 per cent expansion in the first quarter.

Download the full press release [PDF, 186 KB].

Economic Survey of Singapore Second Quarter 2021

MINISTRY OF TRADE AND INDUSTRY
11 August 2021