Singapore’s GDP Grew by 5.9 Per Cent in the Fourth Quarter of 2021 and by 7.2 Per Cent in 2021

3 January 2022. Based on advance estimates, the Singapore economy grew by 5.9 per cent on a year-on-year basis in the fourth quarter of 2021, moderating from the 7.1 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 2.6 per cent in the fourth quarter, faster than the 1.2 per cent growth in the preceding quarter. For the whole of 2021, the economy grew by 7.2 per cent, rebounding from the 5.4 per cent contraction in 2020.

Sectoral Performance

The manufacturing sector expanded by 14.0 per cent on a year-on-year basis in the fourth quarter of 2021, faster than the 7.9 per cent growth in the third quarter. Growth during the quarter was supported by output expansions in all 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 4.2per cent, an improvement from the 0.2 per cent growth in the third quarter.

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MINISTRY OF TRADE AND INDUSTRY
3 January 2022