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Singapore's GDP Grew by 4.8 Per Cent in the Second Quarter of 2022

14 July 2022

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14 July 2022. Based on advance estimates, the Singapore economy grew by 4.8 per cent on a year-on-year basis in the second quarter of 2022, extending the 4.0 per cent growth recorded in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, GDP was unchanged in the second quarter, after posting an expansion of 0.9 per cent in the first quarter.

Sectoral Performance

The manufacturing sector expanded by 8.0 per cent year-on-year in the second quarter of 2022, similar to the 7.9 per cent growth in the previous quarter. Growth during the quarter was supported by output expansions in all clusters, except for the biomedical manufacturing and chemicals clusters. 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 expanded by 0.3 per cent in the second quarter, easing from the 0.5 per cent growth in the preceding quarter.

Download the full press release [PDF, 149 KB].

MINISTRY OF TRADE AND INDUSTRY
14 July 2022


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