{"id":27864,"date":"2022-04-19T22:50:01","date_gmt":"2022-04-19T15:50:01","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=27864"},"modified":"2022-04-19T22:50:01","modified_gmt":"2022-04-19T15:50:01","slug":"singapores-economy-goes-up-3-4-in-q1-2022","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/singapores-economy-goes-up-3-4-in-q1-2022\/","title":{"rendered":"Singapore’s economy goes up 3.4% in Q1 2022"},"content":{"rendered":"

It expanded 7.6 percent last year \u2014 the fastest full-year growth since 2010\u2019s record 14.5 percent<\/span><\/p>\n

\"\"
Oxford Economics\u2019 Priyanka Kishore and Sung-Eun Jung expect growth to slow down again in Q2. The Light Lab\/Shutterstock<\/figcaption><\/figure>\n

CNA reported that during Q1 2022, Singapore\u2019s economy went up by 3.4 percent year-on-year (y-o-y). It fell short compared to the previous quarter\u2019s 6.1 percent growth.\u00a0<\/span><\/p>\n

According to a press release issued by the Ministry of Trade and Industry (MTI), Singapore’s economy expanded 7.6 percent last year \u2014 the fastest full-year growth since 2010\u2019s record 14.5 percent.<\/span><\/p>\n

The slow growth can be attributed to the manufacturing sector coming off a high base.\u00a0<\/span><\/p>\n

MUFG Bank’s senior currency analyst Jeff Ng told <\/span>CNA<\/span><\/a>, “We\u2019ve had a lot of strong demand for manufacturing during the pandemic. Already at such high levels and with Singapore also facing capacity constraints, it is unlikely for manufacturing to keep growing at the same pace that we observed for the past two years.\u201d<\/span><\/p>\n

However, easing COVID-19 restrictions for both domestic and international travel will have a positive effect on the country\u2019s economy in the coming months.\u00a0<\/span><\/p>\n

OCBC Bank’s chief economist and head of treasury research and strategy Selena Ling said, \u201cThe trade-related and modern services sectors should see more modest growth ahead, but domestic consumption and public infrastructure investments should drive growth in 2022.\u201d<\/span><\/p>\n

Oxford Economics\u2019 Priyanka Kishore and Sung-Eun Jung expect growth to slow down again in Q2. They emphasised that heightened geopolitical uncertainties, rising inflation, and China continuing its zero-COVID-19 approach will be key factors, according to <\/span>The Straits Times<\/span><\/a>.<\/span><\/p>\n

More: Singapore loses balance as supply chain sends property prices into overdrive<\/strong><\/a><\/p>\n

The manufacturing sector climbed by only 6 percent year-on-year (y-o-y). The electronics and precision engineering clusters continued to grow rapidly, due to the growing global demand for semiconductors and semiconductor equipment.<\/span><\/p>\n

In the first quarter, the construction industry rose by 1.8 percent y-o-y, remaining\u00a0 25.3 percent below pre-pandemic levels, with labour shortages continuing to stifle activity at building sites.<\/span><\/p>\n

The group of services sectors that include wholesale and retail trade, as well as transportation and storage, increased by 3.2 percent y-o-y, building on the gain seen in the previous quarter.<\/span><\/p>\n

MTI had projected GDP growth of three to five percent for the entirety of 2022. Maybank Securities Singapore analysts Chua Hak Bin and Lee Ju Ye said they expect MTI to downgrade its forecast to two to four percent in May, when the final GDP estimate for Q1 2022 is released.<\/span><\/p>\n

The Property Report editors wrote this article. For more information, email: propertyreport@propertyguru.com<\/a>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

It expanded 7.6 percent last year \u2014 the fastest full-year growth since 2010\u2019s record 14.5 percent<\/p>\n","protected":false},"author":12,"featured_media":27865,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[464],"class_list":["post-27864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-economy","news_country-singapore","news_author-property-report"],"acf":[],"yoast_head":"\nSingapore's economy goes up 3.4% in Q1 2022 | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/singapores-economy-goes-up-3-4-in-q1-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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