SINGAPORE: Singapore's Ministry of Trade and Industry stated on Monday that, based on preliminary projections, the country's gross domestic product (GDP) will grow by 7.2 percent in 2021, up from 5.4 percent in 2020.

Singapore's GDP grew 5.9% year on year in the fourth quarter of 2021, slowing from the previous quarter's 7.1 percent growth. The economy grew by 2.6 percent quarter over quarter, seasonally adjusted, in the fourth quarter, outpacing the previous quarter's 1.2 percent increase.

In the fourth quarter of 2021, Singapore's manufacturing industry grew by 14% year on year, and by 12.8 percent for the entire year.

The construction industry grew by 2% year over year in the third quarter and 18.7% year over year. In the third quarter, the services producing industries grew by 4.6 percent year over year, and by 5.2 percent year over year.

According to the Ministry, the advanced GDP estimates for the fourth quarter of 2021 were mostly based on data from the first two months of the quarter. These estimates are meant to be a rough estimate of GDP growth for the quarter, and they may be revised whenever more complete data becomes available.

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