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Singapore
AsiaSoutheast Asia

Singapore sticks to 2023 growth forecast amid China reopening boost

  • The city state’s GDP is projected to expand 0.5 per cent to 2.5 per cent this year
  • The trade ministry said while China’s reopening bodes well for the growth outlook for regional economies, it cautioned that global uncertainties remain

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Singapore’s GDP is projected to expand 0.5 per cent to 2.5 per cent this year. Photo: Reuters
Bloomberg
Singapore reaffirmed its growth forecast for 2023 after a slower-than-expected performance last year, amid cautious optimism from China’s reopening and lingering risks from slowing demand globally.
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Gross domestic product is projected to expand 0.5 per cent to 2.5 per cent this year, the Ministry of Trade and Industry reported on Monday, maintaining its estimate provided by Prime Minister Lee Hsien Loong on December 31. The government reported 2022 growth at 3.6 per cent, compared with 3.8 per cent previously seen.

The government’s final reading for the quarter through December showed the economy grew 2.1 per cent from the same period in 2021, compared with the advance reading of 2.2 per cent and the Bloomberg survey median of 2.3 per cent. From the previous three months, the expansion was a modest 0.1 per cent and slower than the 0.2 per cent seen earlier.

Separate data from Enterprise Singapore on Monday showed overall trade grew 17.7 per cent last year, following a 19.7 per cent increase in 2021. It maintained the 2023 forecast for both total merchandise trade and non-oil domestic exports to either remain flat or contract as much as 2 per cent.

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While the MTI said China’s reopening bodes well for the growth outlook for regional economies, it cautioned that uncertainties in the global economy remain.

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