The economy rebounded in 2021, growing by 7.6% after the pandemic-induced 4.1% contraction in 2020. Manufacturing rose by 13.2%, while construction soared by 20.1%. Services expanded by 5.6% with all subsectors showing positive growth. Domestic demand grew by a robust 8.9% growth while investment had double-digit growth. Inflation rose to 2.3% in 2021 on higher food prices and transport costs. A 6.7% drop in exports and 7.7% contraction in imports (by value) allowed the trade surplus to widen to 29.8% of GDP in 2021. Monetary policy was tightened in October 2021, but the 3-month Singapore interbank rank remained stable at 0.4%. The budget deficit narrowed to 1.0% of GDP in fiscal year 2021 (FY2021, ending 31 March 2022), despite a largely accommodative fiscal policy. Economic growth is forecast to moderate to 4.3% in 2022 and 3.2% in 2023. 
Source: Asian Development Outlook 2022.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 3.0 (Oct23)3.0 3.0
Broad Money Growth 2 5.9 (Jun21)5.9 6.8
Headline Inflation Rate 3 4.1 (Sep23)4.0 7.5
Industrial/ Manufacturing Production Growth Rate 3 -2.1 (Sep23)-11.6 1.1
Merchandise Export Growth 3 -9.5 (Sep23)-9.5 -13.3
Exchange Rate Index 4 83.9 (Oct23)83.6 87.3
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database; Singapore Economic Development Board; International Entreprise Singapore.

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