By Ronnie Harui
SINGAPORE – Singapore’s economy grew at a faster-than-expected pace in the fourth quarter of 2021, aided primarily by strong growth in goods-producing industries and the manufacturing sector.
According to advance estimates released by the Ministry of Trade and Industry on Monday, GDP grew by 5.9% in the October-December period from a year ago. beat the 4.55% expected by six economists in a Wall Street Journal poll. However, that figure slowed down from a revised 7.1% in the third quarter.
Manufacturing grew 14.0% in the fourth quarter, up from 7.9% in the previous quarter. MTI said growth in manufacturing was supported by production expansion across sectors. Goods-producing industries expanded 12.2% in the fourth quarter, outpacing the previous quarter’s 11.7% growth.
Construction grew 2.0%, sharply slowing from the 66.3% expansion marked in the third quarter. Service-generating industries expanded by 4.6 per cent as against 6.2 per cent earlier.
On a quarterly basis, fourth quarter GDP grew 2.6% on a seasonally adjusted basis. That compared to a revised 1.2% expansion in the third quarter.
For the whole of 2021, Singapore’s economy grew by 7.2%, advance estimates showed. This was compared to a revised 5.4% contraction in 2020 and the 6.95% growth expected by eight economists in the WSJ survey.
Write Ronnie Harui at [email protected]