Singapore's Economy Grows 5.9 Percent, Above Economists' Expectations

Illustration. (Photo: Unsplash)

JAKARTA - Singapore's economy grew slightly higher than expected in the fourth quarter of 2021 from a year earlier.

The financial and transportation hub suffered an uneven recovery last year, as countries around the world changed their coronavirus strategies to live with the pandemic.

Reporting from Antara, Monday, January 3, the Lion Country's Gross Domestic Product (GDP) grew 5.9 percent in October-December on a year-on-year basis. This was stated by the Ministry of Trade and Industry in a statement.

Whereas previously, economists surveyed by Reuters estimated that Singapore's economic growth was only 5.4 percent. GDP grew 2.6 percent on a seasonally adjusted quarter-on-quarter basis for the October-December period.

The leading indicator of economic trends grew 7.2 percent in 2021, the fastest pace since 2010, preliminary data showed Monday and was largely in line with the government's official projection of around 7.0 percent.

The government previously said it expects GDP to grow 3.0 percent to 5.0 percent this year.