VOT Research Desk
Alvin Liew, a senior economist at UOB Group, evaluates Singapore’s most recent GDP numbers. Singapore’s final 3Q22 GDP was 4.1% y/y, down from the 4.5% increase in 2Q22.
Seasonally adjusted, 3Q22 GDP increased by 1.1% q/q after falling by 0.1% in 2Q22. While the services sector exceeded with a 5.8% y/y growth compared to a 5.0% gain in 2Q22, the manufacturing sector declined as expected to 0.8% y/y from 5.6% y/y.
Except for accommodations, all major services clusters had year-over-year growth. The MTI’s message remained one of increased caution, particularly with regard to the external outlook’s moderating and the increased external threats.
It was noted that MTI had taken the warnings about COVID-19 out of the text. in contrast to its August report. MTI has revised its forecast for 2023’s GDP growth to “be around 3.5 percent” and “moderate to 0.5 to 2.5 percent.
