Ministry of Trade and Industry of the Republic of Singapore
Ministry of Trade and Industry of the Republic of Singapore
11/24/2021 | Press release | Distributed by Public on 11/23/2021 18:21
MTI Forecasts GDP Growth of 'around 7.0 Per Cent' in 2021 and '3.0 to 5.0 Per Cent' in 2022
Press Release
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24 NOV 2021
MTI Forecasts GDP Growth of "around 7.0 Per Cent" in 2021 and "3.0 to 5.0 Per Cent" in 2022
MTI Forecasts GDP Growth of "around 7.0 Per Cent" in 2021 and "3.0 to 5.0 Per Cent" in 2022
24 November 2021. The Ministry of Trade and Industry (MTI) announced today that Singapore's GDP growth is expected to come in at "around 7.0 per cent" in 2021 and "3.0 to 5.0 per cent" in 2022.
Economic Performance in Third Quarter 2021
In the third quarter of 2021, the Singapore economy grew by 7.1 per cent on a year-on-year basis, slower than the 15.2 per cent expansion recorded in the previous quarter. This brought GDP growth in the first three quarters of 2021 to 7.7 per cent. On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 1.3 per cent in the third quarter, a turnaround from the 1.4 per cent contraction in the second quarter.
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