Singapore, 3 January 2022 – Based on advance estimates1, the Singapore economy grew by 5.9 per cent on a year-on-year basis in the fourth quarter of 2021, moderating from the 7.1 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 2.6 per cent in the fourth quarter, faster than the 1.2 per cent growth in the preceding quarter. For the whole of 2021, the economy grew by 7.2 per cent, rebounding from the 5.4 per cent contraction in 2020.
Gross Domestic Product in Chained (2015) Dollars
The construction sector grew by 2.0 per cent on a year-on-year basis in the fourth quarter of 2021, slower than the 66.3 per cent growth in the preceding quarter. The strong growth of the sector in the third quarter of 2021 was mainly due to low base effects given the slow resumption of construction activities after the Circuit Breaker last year.
In absolute terms, the value-added of the sector remained 26.0 per cent below its pre-COVID (i.e., fourth quarter of 2019) level, as activity at construction worksites continued to be weighed down by labour shortages due to border restrictions on the entry of migrant workers. On a quarter-on-quarter seasonally-adjusted basis, the sector contracted by 4.4 per cent in the fourth quarter, a reversal from the 4.9 per cent growth in the previous quarter.
– Construction+ Online