SINGAPORE, Feb. 15 (Xinhua) -- The Singapore economy expanded 1.1 percent in 2023, moderating from the 3.8 percent expansion in 2022, the Ministry of Trade and Industry announced Thursday.
Singapore's manufacturing sector shrank 4.3 percent last year, a reversal from the 2.7 percent growth in 2022. All clusters within the sector recorded output declines, except for the transport engineering cluster, the ministry noted.
The construction sector grew 5.2 percent, and the services producing industries expanded 2.3 percent throughout 2023, the ministry added.
The ministry maintained the growth forecast this year at 1.0 to 3.0 percent.
Growth in advanced economies is expected to moderate in the first half of the year due to continuous tight financial conditions. While global electronics demand will support growth in Southeast Asian economies, the ministry said in its economic outlook.
The turnaround in global electronics demand will also fuel Singapore's manufacturing and trade-related sectors. The continued recovery in air travel and tourism will further support Singapore's growth, according to the ministry. ■
