Singapore’s gross domestic product (GDP) grew by 2.2% on a y-o-y basis in the 4Q2022, moderating from the 4.2% grow in the 3Q2022.
This is according to the flash estimates released by the Ministry of Trade and Industry (MTI) on Jan 3.
On a q-o-q seasonally adjusted basis, the economy expanded by 0.2%, extending the 1.1% expansion in the previous quarter.
For the year 2022, Singapore’s economy grew by 3.8%, down from the 7.6% growth in 2021.
On a sectoral basis, the manufacturing sector contracted by 3.0% y-o-y in the 4Q2022, reversing from the 1.4% growth in the quarter before. This is due to output contractions in the electronics, chemicals and biomedical manufacturing clusters, outweighing the expansions in the precision engineering, transport engineering and general manufacturing clusters.
The construction sector grew by 10.4% y-o-y in the 4Q2022 as both the public and private sector construction output continue to recover. In absolute terms, however, the value-added of the construction sector remained 19.3% below pre-pandemic levels from the 4Q2019.
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The wholesale & retail trade and transportation & storage sectors collectively grew by 2.3% y-o-y in the 4Q2022, with all sectors recording expansions. Wholesale trade and retail trade activities expanded, while the transportation & storage sector expanded due to the robust growth in the air transport segment.
The information & communications, finance & insurance and professional services sectors grew by 2.9% y-o-y, with the expansion of all sectors during the quarter. The information & communications sector grew on the back of strong demand for IT and digital solutions, while the professional services sector grew thanks to the architectural & engineering, technical testing & analysis segment. The finance & insurance sector was supported by activities auxiliary to financial services, which include payment processing activities.
The accommodation & food services, real estate, administrative & support services and other services sectors grew by 8.2% y-o-y in the 4Q2022 with expansions seen across all sectors. The expansions were attributed to the recovery of activities on the back of the lifting of domestic and border restrictions since April 2022.
The preliminary GDP estimates for the fourth quarter and whole of 2022 will be released in the Economic Survey of Singapore in February.
