Singapore set for return to high growth as GDP expands by 7 per cent


SINGAPORE, Nov 27 (dpa): Singapore's economy expanded by 7.1 per cent year-on-year during the third quarter, the Ministry of Trade and Industry announced this week, projecting growth for the year of "around 7 per cent."

Gross domestic product (GDP) in South-East Asia's wealthiest economy, measured per capita, has likely grown by 7.7 per cent so far this year, according to ministry estimates, after contracting by more than 5 per cent in 2020.

Measured against the three months from April to June, third quarter growth was 1.3 per cent, the ministry said.

The ministry attributed the expansion in part to "robust global demand for semiconductors and semiconductor equipment."

Earlier in the year, production in neighbours such as Malaysia and Vietnam slowed due to coronavirus restrictions, resulting in shortages of components in car factories in Europe.

Hotels and restaurants continued to have a relatively tough time, however, with both sectors shrinking by around 4 per cent during the third quarter due to "the re-imposition of tighter dine-in and event restrictions" as Singapore's Health Ministry reported record coronavirus-related death numbers.

Covid-19 cases are, however, under control over the last few weeks.

Singapore recorded 1,090 new confirmed cases of Covid-19 on Friday, bringing the total tally to 259,875, the Ministry of Health (MOH) said in a statement.

Of the new cases, 1,064 were reported in the community and 22 in migrant worker dormitories while four were imported cases.

A total of 1,233 cases are currently hospitalized. Of these, 214 cases require oxygen supplementation in the general ward, 33 are unstable and under close monitoring in the intensive care unit (ICU), and 52 are critically ill and intubated in the ICU. The current overall ICU utilization rate is 54.2 percent, said the MOH.

An additional three deaths from Covid-19 were reported in the Southeast Asian country, bringing the death toll to 684.

The ministry said in another statement on Friday that as the global situation evolves, it will continue to adjust border measures in tandem with roadmap to becoming a Covid-19-resilient nation.

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Simgapore , Exconomy , Expanding , 2021 , Better Forecast , 2022

   

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