SINGAPORE – Singapore’s economy grew at a faster-than-expected pace in the fourth quarter of 2021, mainly aided by robust growth in the goods-producing and manufacturing industries.
Gross domestic product rose 5.9% in the period October to December compared to the previous year, according to first estimates released Monday by the Ministry of Commerce and Industry. This exceeds the 4.55% expected by six economists in a Wall Street Journal survey. However, the figure slowed from the revised 7.1% in the third quarter.
Manufacturing grew 14.0% in the fourth quarter, compared to 7.9% in the previous quarter. Growth in the manufacturing sector has been supported by the expansion of production in all sectors, according to MTI. Goods-producing industries grew 12.2% in the fourth quarter, extending the 11.7% growth of the previous quarter.
Construction increased 2.0%, slowing sharply from the 66.3% expansion recorded in the third quarter. Service-producing industries advanced 4.6%, compared to 6.2% previously.
On a quarterly basis, GDP grew 2.6% in the fourth quarter on a seasonally adjusted basis. This compares to a revised 1.2% expansion in the third quarter.
For 2021 as a whole, Singapore’s economy grew 7.2%, according to the prior estimate. That compares to a revised 5.4% contraction in 2020 and the median estimate of 6.95% growth expected by eight economists in the WSJ survey.