Singapore Economy Expands 3.8% in 2022, Boosted by Continuing Recovery in Service Sector

Singapore’s economy grew by 3.8% year on year in 2022, with growth in the services sector contributing to offset weak performance in the manufacturing sector, according to data released by the Ministry of Trade and Industry on Tuesday.

This is better than the official prediction of about 3.5%, which had been lowered to by November of last year.

Economic growth in the fourth quarter was 2.2% over the same period a year ago, the worst pace since the middle of 2021 but still better than the 2.1% growth rate forecast by Reuters’ poll.

The newest numbers, the ministry said in a statement, showed “continuing recovery in the service industry” after the easing of domestic and border restrictions in April, with the accommodation sector expanding for the first time since the middle of 2021.