A container vessel is docked at the port of Singapore. (AFP/VNA Photo) Singapore (VNA) – Singapore’s economy expanded by3.6% in 2022, slightly lower than the earlier estimate of 3.8%, data releasedby the country’s Ministry of Trade and Industry (MTI) on February 13 showed.
This figure also decreased significantly compared to the growthrate of 8.9% in 2021.
The MTI has maintained a growth forecast for 2023 at 0.5%-2.5%, eventhough Singapore’s external demand outlook has improved “very slightly” sincethe last report in November.
The ministry attributed 2022’s GDP growth to wholesaletrade, manufacturing and other services. However, it said that Singapore's economic growth in 2023 will be bolstered by domestic-orientedsectors including air transport, accommodation, entertainment, recreation and recoveryof the international tourism industry.
According to Enterprise Singapore (EnterpriseSG), the governmentagency supporting the growth of Singapore enterprises, the country's non-oil domesticexports (NODX) grew by 3% in 2022, a significant decline compared to 12.1% in2021. The agency kept a growth forecast at -2.0% to 0% for both NODX exports andSingapore's merchandise trade in 2022.
Most of Singapore's key partners, including theUS, the Eurozone, and ASEAN-5, are predicted to grow more slowly this year,with China and Japan being exceptions, which have a negative effect on thecountry's export demand, it said./.
