In its press release, MTI announced it has narrowed its GDP growth forecast for 2021 from between 6% to 7% to “around 7%”. For 2022, MTI is forecasting GDP growth to come in at 3% to 5%.
Singapore’s GDP was up 7.1% y-o-y for the 3Q2021, according to data announced by the Ministry of Trade and Industry (MTI) on Nov 24. The figure is lower than the 15.2% expansion recorded in the previous quarter, but beats MTI's advanced estimates that forecasted 3Q2021 GDP growth at 6.5%.
This brings GDP growth for the first three quarters of 2021 to 7.7%. On a q-o-q seasonally-adjusted basis, the economy grew 1.3% in the 3Q, reversing from the 1.4% contraction in the 2Q.
