Singapore Economy Grew 3.6% for the Year of 2022

On February 13, 2023, the Ministry of Trade and Industry Singapore released the full-year data for 2022, indicating a growth of 2.1% in the fourth quarter and 3.6% for the entire year. Despite the unstable global economy, the Ministry of Trade and Industry Singapore maintained their previous forecast for 2023, with an expected economic growth of 0.5% to 2.5% for the full year.

In all sectors for the full year of 2022, manufacturing grew by 2.5%; the service-producing industry grew by 4.8%, with growth achieved in all service sectors, including a growth of 18.2% in the food and beverage services and 14.1% in real estate; and the construction industry grew by 6.7%.

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