Singapore revises first-quarter growth estimates higher

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SINGAPORE – Singapore’s economy grew at a faster pace during the first quarter of 2022 than previously estimated, mainly due to strong growth in the manufacturing, construction and service production industries.

Gross domestic product expanded by 3.7% in the period from January to March compared to the previous year, according to data released on Wednesday by the Ministry of Trade and Industry. This is compared to the anticipated estimate of 3.4% and the expansion of 6.1% recorded in the fourth quarter of 2021.

Manufacturing grew 7.1% in the first quarter after expanding 15.5% in the previous quarter. Growth was supported by production in the electronics, transportation engineering, general manufacturing and precision engineering sectors, which outpaced production declines in the biomedical and chemical manufacturing sectors.

Construction grew by 2.1% compared to 2.9% in the previous quarter, while goods-producing industries rose by 6.3%, slowing from 13.6% growth in the quarter previous. Service-producing industries rose 4.2% from the previous 4.4%.

In quarter-on-quarter terms, GDP grew by 0.7% seasonally adjusted in the first quarter compared to the fourth quarter of last year, according to data. This is compared to the anticipated estimate of 0.4% and the growth of 2.3% in the fourth quarter.

Given the evolution of Singapore’s economy during the first quarter, as well as the latest global and national economic developments, the MTI continues to expect growth of 3.0% to 5.0% in 2022, although now believes the lower half of the planned range. seems more likely.

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