Singapore's Economic Growth Accelerates in 2024

Forex - Singapore's economy grew at a slower pace in the fourth quarter of 2024, but growth for the year accelerated thanks to expansion in manufacturing and service-producing industries. According to preliminary estimates released by the Ministry of Trade and Industry, gross domestic product (GDP) increased by 4.0% last year, significantly higher than the 1.1% rise in 2023. Manufacturing, a major contributor to Singapore's GDP, grew by 3.5% in 2024 compared to a year earlier, following a contraction of 4.3% in 2023. The recovery in manufacturing was partly supported by increased global demand for electronics, stable inflation, and monetary conditions that bolstered growth optimism. Service-producing industries grew by 4.1% in 2024, compared to a 2.3% growth in 2023. GDP growth for the fourth quarter of 2024 increased by 4.3% year-on-year, indicating slower growth compared to the 5.4% recorded in the third quarter. Singapore's economy grew by 0.1% in the fourth quarter on a seasonally adjusted basis compared to the previous quarter.