Singapore’s Ministry of Trade and Industry released the second quarter economic survey on August 11. Data show that Singapore’s economy grew 4.4% year-on-year in the second quarter of this year, after seasonal adjustment, down 0.2% from a year earlier.
The data show that Singapore’s manufacturing sector grew 5.7% year-on-year in the second quarter of this year, the construction sector grew 3.3%, and the service sector grew 4.8%. The transportation engineering, general manufacturing, electronics and precision engineering sectors also grew.
In response to the economic outlook for 2022, Singapore’s Ministry of Trade and Industry noted that the global economic environment has deteriorated further since May. Stronger than expected inflationary pressures and more aggressive monetary policy tightening, as well as a rebound in the epidemic, the Ministry of Trade and Industry therefore revised Singapore’s economic growth forecast for 2022 from 3 to 5 percent, down to 3 to 4 percent.