- 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!
