Singapore's Economy Expanded by 4.4 Per Cent in the Third Quarter of 2022

14 October 2022. Based on advance estimates, the Singapore economy grew by 4.4 per cent on a year-on-year basis in the third quarter of 2022, easing slightly from the 4.5 per cent growth in the previous quarter. On a quarter-on quarter seasonally-adjusted basis, the economy expanded by 1.5 per cent, a turnaround from the 0.2 per cent contraction in the preceding quarter.

Sectoral Performance

The manufacturing sector expanded by 1.5 per cent year-on-year in the third quarter of 2022, slower than the 5.7 per cent growth in the previous quarter. Growth during the quarter was supported by output expansions in the transport engineering, general manufacturing and precision engineering clusters, which outweighed output declines in the electronics and chemicals clusters. On a quarter-on-quarter seasonally-adjusted basis, the sector contracted by 3.3 percent, a reversal from the 0.4 per cent growth in the second quarter.

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MINISTRY OF TRADE AND INDUSTRY
14 October 2022