SINGAPORE, Feb 17 - Singapore maintained its forecast for the economy to expand 3-5% this year as the city-state's recovery from the pandemic slump continues, although officials flagged downside risks to global growth and rising inflationary pressures.
Gross domestic product grew 6.1% year-on-year in the fourth quarter, the Ministry of Trade and Industry said, slightly higher than the 5.9% growth in the government's advance estimate.For the full year 2021, GDP grew 7.6% versus an initial 7.2% estimate and a 4.1% contraction in 2020. Last year's growth was the highest in a decade.
"Persistent supply bottlenecks, alongside rising energy prices due to geopolitical tensions, have also exacerbated global inflationary pressures," he said.However, bolstered by high vaccination rates, Singapore is loosening border measures and easing local restrictions, in moves that will likely support the recovery of lagging sectors.The Monetary Authority of Singapore tightened its policy settings in January in its first out-of-cycle move in seven years.
Separate data on Thursday showed Singapore's January non-oil domestic exports rose 17.6% from a year earlier, beating expectations.
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