Singapore’s economy expands at fastest pace in over a decade in 2021

After 2020 decline, Singapore’s economy grew 7.2% last year, according to preliminary data.

ANKARA (AA) – Singapore’s economy grew at the fastest annual pace in over a decade in 2021, according to preliminary data released on Monday.

The economy expanded 7.2% last year, the highest annual figure since 2010, the Trade and Industry Ministry’s advance estimate figures showed.

The ministry’s previous estimate in November projected an annual gross domestic product (GDP) growth rate of 7% for 2021.

Due to COVID-19 lockdowns and quarantine measures, Singapore’s economy contracted 5.4% in 2020, its first annual decline in growth rate since 2001.​​​​​​​