This annual growth rate was calculated with advance GDP estimates for the fourth quarter of 2022, which are computed largely from data in the first two months of the quarter.
The ministry said that based on advance estimates, Singapore's GDP grew by 2.2 percent year on year in the fourth quarter of 2022, moderating from the 4.2 percent growth in the previous quarter.
On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 0.2 percent, extending the 1.1 percent expansion in the third quarter.
In a breakdown, Singapore's manufacturing sector shrank by 3 percent year on year in the fourth quarter of 2022 and expanded by 2.6 percent in the whole year. The construction sector grew by 10.4 percent year on year in the fourth quarter and 6.5 percent in the year. The services producing industries expanded by 4.1 percent year on year in the quarter and 5 percent in the year.
The ministry said that the advance GDP estimates are intended as an early indication of the GDP growth in the fourth quarter, and are subject to revision when more comprehensive data become available.
It added that it will release the preliminary GDP estimates for the fourth quarter and whole of 2022 in February.
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