The Singapore economy has recovered from being flat in the prior quarter when it posted 4.8% growth in Q2 of 2022. The latest gross domestic product (GDP) estimates are based mainly on data from April and May. In May, the Ministry of Trade and Industry (MTI) had previously reiterated its projection for full-year GDP growth of between 3% and 5%. Second-quarter growth was buoyed by construction, which grew by 3.8% year-on-year, up from 1.8% in the quarter before, on a pickup in activity as migrant workers returned. But, in absolute terms, the MTI said the value-added of the construction sector remained 23.7% below its pre-pandemic levels due to continued labour shortages.
top of page
bottom of page