Singapore’s economy grew faster than expected in 2024, surpassing earlier projections, despite a slowdown in the fourth quarter (Q4), according to the country’s preliminary government data.
A view of Singapore's financial centre. (Photo: asia.nikkei.com)
Hanoi (VNA) – Singapore’s economy grew faster than expected in 2024, surpassing earlier projections, despite a slowdown in the fourth quarter (Q4), according to the country’s preliminary government data.
The Ministry of Trade and Industry reported that this growth marks a significant acceleration from the 1.1% recorded in 2023 and exceeds the 3.5% forecast in November.
The Southeast Asian financial hub’s economic performance is often seen as a global barometer due to its heavy reliance on international trade.
In Q4 of 2024, the economy grew by 4.3%, a dip from the 5.4% growth in the previous quarter.
Manufacturing, a key pillar of the export-driven economy, expanded by 4.2% in Q4, down from 11.1% in the third quarter (Q3). For the full year, manufacturing rebounded with 3.5% growth, recovering from a 4.3% contraction in 2023.
The construction sector grew 5.9% in Q4, up from 4.7% in Q3, while the services sector posted a 4.3% increase. Notably, wholesale and retail trade, along with accommodation and food services, led the growth within the services sector.
🔯 In his New Year message, Prime Minister Lawrence Wong cautioned that geopolitical tensions, such as conflicts in Ukraine and the Middle East, and high living costs could continue to challenge Singapore’s economy in the coming year./.
Vibrant economic diplomatic activities in 2024 have contributed to creating a firm foundation for Vietnam and Singapore to upgrade their relations to a comprehensive strategic partnership level, according to Cao Xuan Thang, Trade Counsellor and head of the Vietnam Trade Office in Singapore.
With economic growth in the third quarter of this year exceeding the projected rate, Singapore has raised its growth forecast for the whole year 2024 to around 3.5%.
Singapore on August 13 upgraded its economic growth forecast for this year after beating expectations in the second quarter and on optimism that the manufacturing sector will gradually recover.
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