Singapore economy posts higher than expected 7.6% growth in 2021: MTI

The economic expansion in 2021 outstrips the 7.2 per cent growth projected in MTI’s advanced estimate last month, and was mainly driven by the manufacturing, finance and insurance and wholesale trade sectors.

“Within the sector, output across all clusters rose, with the precision engineering, electronics and transport engineering clusters registering the largest output increases,” said MTI. Among the downside risks facing the global economy are the potential emergence of more virulent strains of Covid-19 that “continues to pose a risk to the global economic recovery”, said MTI.

The growth prospects for outward-oriented sectors, such as manufacturing and wholesale trade, will remain strong given the continued global economic recovery. The manufacturing sector, for example, is projected to continue to expand, supported by sustained global demand for semiconductors and semiconductor equipment.

“Overall, activity in these sectors is expected to remain below pre-Covid levels even by the end of 2022,” said MTI.

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