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Singapore’s economy has continued to recover from the COVID-19 pandemic in the first half of 2022. The advance estimate of GDP for the second quarter of 2022 was up 4.8% year-on-year (y/y), after growth of 4.0% y/y in the first quarter. This follows GDP growth of 7.6% in 2021 as the economy rebounded from the impact of the COVID-19 pandemic. Singapore’s manufacturing output grew by 13.8% y/y in May 2022.
Despite the economic disruptions caused by the COVID-19 pandemic, Singapore has continued to attract strong foreign direct investment inflows, notably into electronics and pharmaceuticals manufacturing. A number of new vaccine manufacturing plants are currently under construction in Singapore, including by Sanofi, BioNTech and Hilleman Laboratories.
Economic recovery continues
The Singapore economy grew by 4.8% y/y in the second quarter of 2022, according to the advance estimate of GDP…
