Singapore’s Ministry of Trade and Industry said today that gross domestic product (GDP) grew 3.4% year-on-year in the first quarter of 2022, slowing from 6.1% in 4Q21.
On a quarterly basis, GDP grew just 0.4%, a sharp slowdown from 2.3% in 4Q21.
According to the report, Singapore’s manufacturing sector grew 6% in the first quarter of this year. This slowed from 15.5% in 4Q21. The construction sector grew by 1.8%, a slowdown from 2.9% in 4Q21.
The Monetary Authority of Singapore (MAS) has released a survey of economists and analysts stating that Singapore’s GDP is expected to grow by 4% in 2022, unchanged from the previous survey.
As for inflation, economists and analysts in the surveys predict that the consumer price index (CPI) will increase by 3.6% in 2022, and core inflation (excluding housing costs and private transportation costs) will likely reach 2.7%.
Singapore’s Finance Minister Lawrence Wong stated that Singapore’s economy will continue to grow this year. However, the Singaporean authorities are prepared to take additional monetary and fiscal policy measures should the conflict between Russia and Ukraine affect the overall economy and inflation.