MTI Maintains 2023 GDP Growth Forecast at “0.5 to 2.5 Per Cent”

The Ministry of Trade and Industry (MTI) announced today that the Singapore economy expanded by 3.6 per cent

in 2022. MTI has maintained the GDP growth forecast for 2023 at “0.5 to 2.5 per cent”.

Economic Performance in Fourth Quarter 2022

The Singapore economy grew by 2.1 per cent on a year-on-year basis in the fourth quarter of 2022, moderating from the 4.0 per cent expansion in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy expanded marginally by 0.1 per cent, easing from the 0.8 per cent growth in the third quarter.

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<Source> Ministry of Trade & Industry