Singapore’s economy grew 7.2% in 2021, rebounding from recession the previous year: MTI advance estimates

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SINGAPORE: Singapore’s economy grew 7.2 per cent in 2021 amid the COVID-19 pandemic, rebounding from a recession in 2020, advance estimates launched by the Ministry of Trade and Industry (MTI) on Monday (Jan 3) confirmed.

Singapore’s economy shrank 5.4 per cent in 2020 – its first annual contraction since 2001 and the nation’s worst recession since independence.

Last yr, Singapore introduced the begin of its transition to residing with endemic COVID-19 because it noticed a wave of latest infections pushed by the extra infectious Delta variant.

Its vaccination programme was ramped as much as embody booster photographs and extra age teams, and new measures have been additionally launched to curb the unfold of the coronavirus.

The estimates introduced on Monday met the estimates by MTI in November final yr. The ministry had narrowed the gross home product (GDP) progress forecast for 2021 to “around 7 per cent”.

GDP grew 5.9 per cent on a year-on-year foundation in the fourth quarter of 2021, moderating from a 7.1 per cent growth in the previous quarter, the preliminary information confirmed.

On a quarter-on-quarter seasonally adjusted foundation, the economy grew 2.6 per cent in the fourth quarter of 2021, sooner than the 1.2 per cent progress in the previous quarter.

The advance GDP estimates for the fourth quarter of 2021 are computed largely from information in October and November final yr. They give an early indication of the GDP progress in the quarter and could also be revised when extra complete information is obtainable, mentioned MTI.

Source: CNA


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