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GDP Singapore 2023 – Slow Growth but Still Kicking!

Singapore GDP
Singapore GDP
  • Singapore’s GDP grew by 0.1% in Q1 2023
  • The manufacturing sector contracted by 6.0%
  • The construction sector is still growing strong at 8.5%

Today we are talking about GDP Singapore 2023 based on advance estimates.

You know, the money stuff that shows how our country is doing.

First Quarter of 2023 GDP

Q1 2023 could be better.

Our GDP grew only by 0.1% year-on-year.

Last time, in Q4 2022, it grew by 2.1%.

But not too bad. It still got growth.

Manufacturing Sector

This one could be better.

The manufacturing sector contracted by 6.0%.

All the clusters are not doing well, except transport engineering.

It went down by 5.2% quarter-on-quarter. Like that, how?

Construction Sector

The construction sector is alright.

It grew by 8.5% year-on-year.

Both public and private sector construction are doing good.

But, still not as good as the pre-pandemic level. We got room to improve.

Services Sectors

Some good, some bad.

Wholesale & retail trade and transportation & storage went down by 1.1%.

Info & comms, finance & insurance, and professional services grew by 1.9%.

The last group of sectors, like accommodation & food services, real estate and all, grew by 6.7%.

There’s hope!

Actionable and Practical Takeaways

  • Keep an eye on Singapore’s GDP. Anything can happen
  • Consider investing in growing sectors, like construction
  • Be prepared for ups and downs, especially during uncertain times

So there you have it.

Our GDP is not so steady now (based on preliminary estimates), but it still got growth.

Can survive one lah.

What do you all think? How can we make our economy better? Let us know in the comments below!

What do you think?

Written by Patrick Tan

Meet Patrick, the word wizard of Daily.SG! He whips up news about Singapore that's so simple, even toddlers give him a thumbs up. When he's not writing, you'll find him sipping milk tea, gliding on skates, or striking a yoga pose. Dive into his stories and feel the sprinkle of fun and a whole lot of heart!

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