Singapore GDP Q3 2022


Singapore: GDP rebounds in quarter-on-quarter terms in Q3

October 17, 2022

The economy expanded 1.5% in seasonally adjusted quarter-on-quarter terms in Q3, bouncing back from the 0.2% contraction recorded in the prior quarter and beating market expectations. Meanwhile, the economy expanded 4.4% year on year in the third quarter, decelerating from Q2’s 4.5% growth.

This rebound in qoq growth was led by turnarounds in the construction and services sectors. Output in the services sector expanded 2.5% in Q3 (Q2: -0.2% qoq), with activity benefitting from the further loosening of Covid-19 restrictions at home and abroad. This was reflected in the gains recorded in the retail trade and transportation sectors. Meanwhile, growth in the construction sector sped up to 3.9% in Q3 from 1.5% in the prior quarter, underpinned by the easing of border restrictions on the inflow of migrant workers. On the flip side, production in the manufacturing sector contracted 3.3% in Q3, swinging from a 0.4% increase in Q2, seemingly due to the impact of high production costs amid a challenging geopolitical backdrop.

Commenting on the outlook, analysts at UOB stated:

“With the external environment under significant challenges due to the Russia-Ukraine conflict, ongoing policy tightening by major central banks and risks of recession in advanced economies, domestic services sector will play an increasingly important role in the quarters ahead.”

FocusEconomics Consensus Forecast panelists see the economy expanding 4.1% in 2022, which is up 0.1 percentage points from the previous month’s forecast, and growing 3.3% in 2023.

Author: Massimo Bassetti, Senior Economist

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Singapore GDP Chart

Singapore GDP Q3  2022

Note: Quarter-on-quarter changes of seasonally adjusted GDP and year-on-year variation in %.
Source: Ministry of Trade and Industry (MTI) and FocusEconomics Consensus Forecast.

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