Singapore downgrades Q4 GDP, but keeps 2023 forecast


A cyclist rides before the city skyline at Marina Bay in Singapore.

Roslan Rahman | AFP | Getty Images

Singapore’s economy grew slightly less than initially estimated in the fourth quarter from a year ago, official data showed on Monday, and the government kept its forecast for annual growth to come in at 0.5% – 2.5% this year.

“Singapore’s external demand outlook for 2023 has improved slightly. In particular, growth in China is projected to pick up in tandem with the faster-than-expected easing of its COVID-19 restrictions,” said Gabriel Lim, permanent secretary for trade and industry.

Gross domestic product (GDP) grew 2.1% year-on-year in the fourth quarter, the Ministry of Trade and Industry (MTI) said, slightly lower than the 2.2% growth in the government’s advance estimate due to slightly weaker construction and service sector growth.

Analysts had expected a 2.3% increase, according to a Reuters poll.

For the full year, GDP grew 3.6% versus an initial 3.8% estimate.

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Since April last year, Singapore had lifted most of its Covid-19 restrictions with many international events returning to the city-state, attracting tourists and businesses. The remaining restrictions will be relaxed from Monday.

The Asian financial hub is expecting the tourism sector to recover to pre-pandemic levels by 2024.


Singapore has seen some slight signs of price pressures easing in recent months but inflation still remained elevated at about 5%.

The current central bank monetary policy stance remains appropriate, said Edward Robinson, Deputy Managing Director at the Monetary Authority of Singapore said. The next policy meeting is expected in April.


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