Singapore’s GDP grew by 4.1% in Q3/2022, below expectations

Singapore’s Ministry of Trade and Industry (MTI) reports that Singapore’s gross domestic product (GDP) grew less than expected in the third quarter of 2022.

According to MTI, Singapore’s gross domestic product (GDP) grew by 4.1% year-on-year in the third quarter of this year, lower than the 4.4% previously expected by the government.

Quarterly seasonally adjusted, Singapore’s GDP grew 1.1%, below the government’s forecast of 1.5% growth, after contracting 0.1% in the second quarter of 2022.

The MTI forecasts full-year GDP growth of 3.5% for Singapore in 2022, in the middle of its earlier estimate of 3-4%. In 2023, growth is expected to slow to 0.5-2.5%.

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