SINGAPORE: Singapore’s economy grew 3.8 per cent for the whole of 2022, slowing from the 7.6 per cent growth in the year before, according to advance estimates released by the Ministry of Trade and Industry (MTI) on Tuesday (Jan 3). This is slightly above official expectations for the country’s gross d
SINGAPORE: Singapore’s economy grew 3.8 per cent for the whole of 2022, slowing from the 7.6 per cent growth in the year before, according to advance estimates released by the Ministry of Trade and Industry on Tuesday .
On a quarter-on-quarter seasonally adjusted basis, the economy grew 0.2 per cent in the fourth quarter, also slowing from the 1.1 per cent expansion in the earlier quarter, MTI’s data showed.The manufacturing sector, which accounts for about one-fifth of the economy, contracted by 3 per cent year-on-year in the fourth quarter, a reversal from the 1.4 per cent growth in the previous three months.
However, the value-added of the construction sector in absolute terms remained at 19.3 per cent below its pre-pandemic level, said the ministry.
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