SINGAPORE, Aug. 11 (Bernam) — Enterprise Singapore announced Thursday in its industry functionality review for the current quarter of 2022 that it has adjusted upwards the expansion projection for 2022 to 15-16% for Singapore’s overall product industry, Xinhua reported.
At the same time, it raised Singapore’s expansion projection for 2022 for domestic non-oil exports (NODX) to 5-6%.
Enterprise Singapore raised Singapore’s general product industry expansion projections and NODX for 2022 from the same 0-2% to 8-10% and 3-5% respectively in May.
In addition to Singapore’s overall product industry and NODX expanding more than expected in the current quarter of 2022, the additional upward changes were due to the fact that emerging oil costs and physically powerful global demand for semiconductors are expected to continue in 2022, which deserves the expansion of the oil industry in nominal and NODX terms respectively, and in turn to the industry in general.
Another explanation for why is that most of Singapore’s major trading partners are expected to grow in 2022, slowing down from 2021 for peak economies.
According to Enterprise Singapore, the city-state’s overall product industry grew by 28. 1% year-on-year in the current quarter of 2022, to about S$357. 8 billion (about S$260. 8 billion), compared to an expansion of 20. 8% in the first quarter. 2022.
Meanwhile, Singapore’s NODX rose 9. 1 year-on-year in the current quarter, up from 11. 4 in the last quarter.
Enterprise Singapore added that Singapore’s overall industry grew by 12. 9% year-on-year to S$168 billion in the current quarter of 2022, following a 9. 8% increase in the last quarter. Exports and imports of buildings increased by 13. 2% and 12. 6%, respectively. . (S$1 equals US$0. 73)
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