Singapore economic growth in the third quarter of 2021, +1.3% q/q

The Ministry of Trade and Industry (MTI)

  • now sees 2021 GDP growth at around 7.0% (previous forecast 6.0% to 7.0%)
  • sees 2022 GDP growth of 3.0% to 5.0%
  • says the recovery of various sectors of the economy in 2022 is expected to remain uneven
  • says labour shortages likely to keep construction, marine & offshore engineering sectors output below pre-pandemic levels in 2022

A Singaporean MTI official says there is a risk that ongoing supply chain disruptions could push up global inflationary pressures.