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Singapore This autumn GDP expands 5.9% y/y, beating forecasts By Reuters

© Reuters. FILE PHOTO: Storm clouds collect over the skyline of the central enterprise district in Singapore April 5, 2021. Image taken April 5, 2021. REUTERS/Edgar Su

SINGAPORE (Reuters) -Singapore’s economic system grew barely greater than anticipated within the fourth quarter from a 12 months earlier, preliminary information confirmed on Monday.

The monetary and transport hub noticed an uneven restoration final 12 months as international locations around the globe shifted their coronavirus methods to residing with the pandemic.

Gross home product (GDP) expanded 5.9% in October-December on a year-on-year foundation, the Ministry of Commerce and Trade mentioned in an announcement. Economists polled by Reuters had anticipated progress of 5.4%.

GDP grew 2.6% on a quarter-on-quarter seasonally adjusted foundation in October-December.

The bellwether economic system grew 7.2% in 2021, the quickest tempo since 2010, preliminary information confirmed on Monday and largely in step with the federal government’s official projection of about 7%. The federal government has beforehand mentioned it expects gross home product (GDP) to develop 3% to five% this 12 months.

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