top of page

Singapore GDP growth likely slowed in Q1

Singapore's economy is expected to have expanded at a slower pace in Q1, according to preliminary data due on Friday. Gross domestic product (GDP) is predicted to have grown 0.6% YoY in Q1 2023, down from 2.1% YoY in Q4 2022. The city-state's manufacturing sector, one of its main growth drivers, has contracted for five straight months due to weak demand for semiconductors worldwide, along with non-oil domestic exports. However, growth in the services industry is expected to help offset the manufacturing slowdown. Private consumption is being supported by a healthy labour market and visitor arrivals, including from China, which are boosting the hospitality and food and beverage sectors. Singapore's government had forecast GDP growth of between 0.5% and 2.5% this year. The economy grew 3.6% in 2022, down from 8.9% in 2021.


bottom of page