According to OCBC Bank chief economist Selena Ling, this was an “unexpected” revision which brought Singapore’s full year gross domestic product (GDP) growth from the MTI’s flash estimates of 3.8% to 3.6% — a sharp slowdown from the revised 8.9% growth posted in 2021.
Economists have weighed in on Singapore’s growth prospects in 2023 after the Ministry of Trade and Industry (MTI) maintained its growth forecast at 0.5% to 2.5% for this year.
On Feb 13, the MTI reported Singapore’s 4Q2022 growth of 2.1% on a y-o-y basis and 0.1% on a q-o-q seasonally-adjusted basis — a slight downward revision from the ministry’s advance estimate of 2.2% and easing from the 4% expansion in 3Q2022.
