Singapore’s 2022 GDP growth lower than estimated

A container vessel is docked at the port of Singapore. (AFP/VNA Photo)

Singapore (VNA) – Singapore’s economy expanded by 3.6% in 2022, slightly lower than the earlier estimate of 3.8%, data released by the country’s Ministry of Trade and Industry (MTI) on February 13 showed.

This figure also decreased significantly compared to the growth rate of 8.9% in 2021.

The MTI has maintained a growth forecast for 2023 at 0.5%-2.5%, even though Singapore’s external demand outlook has improved “very slightly” since the last report in November.

The ministry attributed 2022’s GDP growth to wholesale trade, manufacturing and other services. However, it said that Singapore's economic growth in 2023 will be bolstered by domestic-oriented sectors including air transport, accommodation, entertainment, recreation and recovery of the international tourism industry.

According to Enterprise Singapore (EnterpriseSG), the government agency supporting the growth of Singapore enterprises, the country's non-oil domestic exports (NODX) grew by 3% in 2022, a significant decline compared to 12.1% in 2021. The agency kept a growth forecast at -2.0% to 0% for both NODX exports and Singapore's merchandise trade in 2022.

Most of Singapore's key partners, including the US, 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 the country's export demand, it said./.