The Ministry of Trade’s advance estimates for 2022 showed that Singapore’s gross domestic product slowed down. Based on the report, GDP only increased by 3.8% in 2022. This is less than the 7.6% growth posted in 2021.
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In Q4, GDP growth further dropped to 2.2%, mostly due to the 3.0% contraction in manufacturing, as well as smaller growths in industries.
In the same quarter, MTI stated that the manufacturing sector contracted because of decreases in the electronics, chemicals, and biomedical manufacturing clusters.
Meanwhile, services sectors such as Wholesale & Retail Trade and Transportation & Storage; Information & Communications, Finance & Insurance and Professional Services; Accommodation & Food Services, Real Estate, Administrative & Support Services and Other Services, increased by 2.3% YoY, 2.9%, and 8.2% YoY, respectively.
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