By Ronnie Harui
SINGAPORE–Singapore’s economy expanded at a faster pace in the first quarter of 2022 than previously estimated, mainly due to solid growth in the manufacturing, construction and services-producing industries.
Gross domestic product expanded 3.7% in the January-to-March period from a year earlier, according to data released by the Ministry of Trade and Industry on Wednesday. That compared with the advance estimate of 3.4% and with the 6.1% expansion recorded in the fourth quarter of 2021.
Manufacturing grew 7.1% in the first quarter after a 15.5% expansion in the prior quarter. Growth was supported by output in the electronics, transport-engineering, general manufacturing and precision-engineering sectors, which outweighed output declines in the biomedical-manufacturing and chemicals sectors.
Construction grew 2.1%, compared with 2.9% in the previous quarter, while goods-producing industries expanded 6.3%, slowing from the prior quarter’s 13.6% growth. Services-producing industries expanded 4.2% versus 4.4% previously.
On a quarterly basis, GDP grew by a seasonally adjusted 0.7% in the first quarter from the fourth quarter of last year, the data showed. That compared with the advance estimate of 0.4% and with the 2.3% growth posted in the fourth quarter.
Taking into account the performance of Singapore’s economy in the first quarter, as well as the latest global and domestic economic developments, the MTI continues to expect growth of 3.0% to 5.0% in 2022, although it now thinks the lower half of the forecast range looks more likely.
Write to Ronnie Harui at email@example.com