Singapore has maintained its growth forecast for this year at 3 to 5 per cent as data on Thursday (Feb 17) showed the economy staging a recovery in 2021.
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The Singapore economy expanded 7.6 per cent last year, mainly lifted by the manufacturing, finance and insurance, and wholesale trade sectors, said the Ministry of Trade and Industry (MTI) in a press release
This marked the fastest full-year growth since 2010’s record 14.5 per cent.
MTI also revised the gross domestic product (GDP) figure for the pandemic-hit 2020 to a decline of 4.1 per cent, up from an earlier contraction estimate of 5.4 per cent.
This upward revision was due to better performances in sectors such as wholesale trade, transportation and storage, information and communications, and finance and insurance, said MTI’s economics division director Yong Yik Wei.
“The preliminary estimates are based on available data at the point in time,” she told reporters. “As more comprehensive data becomes available over the course of the year through the annual survey results, the estimates are updated.”