Singapore's economy grew 5.9% in Q4 and 7.2% in 2021

SINGAPORE - Singapore's economy wrapped up 2021 with its fastest growth in more than a decade, putting behind the Republic's worst recession the year before, when the Covid-19 pandemic struck.

The economy grew 7.2 per cent last year, the most since 2010 and higher than earlier estimates, the Ministry of Trade and Industry (MTI) said on Monday (Jan 3).

MTI had predicted in November that gross domestic product (GDP) growth in 2021 would come in at about 7 per cent, the top end of an earlier forecast range of 6 per cent to 7 per cent. The economy had contracted by 5.4 per cent in 2020.