Singapore economy

The economy grew 0.1% YoY.

UOB expects full-year GDP to grow by only 0.7%.

They expect full-year inflation to come in between 3.5% and 5.9%.

GDP growth slowed down to 3.6% in 2022.

UOB forecasts a 0.7% GDP growth rate. 

They expect GDP to expand by 3.8% by the end of 2022.

The full-year growth forecast was lowered to 3.8% from 4%.

On a quarterly and seasonally adjusted basis, it grew by 0.7%.

Restaurants experienced the most YoY decline at 24%. 

According to UOB, this growth was led by the biomedical manufacturing cluster. 

And Trade and Industry Minister highlights digitalisation as critical in recovery.

And Singapore will not reach herd immunity despite the high vaccination rate.

This is an upgrade from the previous 4% to 6% predicted by the Ministry of Trade and Industry.

Outlook for the tourism and food and beverage sectors do not look promising for the remainder of 2021.