Buildings in Singapore’s central business district on Wednesday, February 14, 2024.
Ronicki | Bloomberg | Getty Images
Preliminary government data released on Thursday showed that Singapore’s economy will grow by 4.0% in 2024, up from 1.1% growth in 2023.
Gross domestic product (GDP) increased by 4.3% in the fourth quarter, higher than the median forecast of 3.3% in a Reuters survey of economists, according to advance estimates from the Trade Ministry.
Advance estimates show GDP grew 0.1% in the October-December period from the previous quarter on a seasonally adjusted basis.
Annual inflation was 1.9% in November, the lowest in nearly three years, creating room for the central bank to ease monetary policy in its January review, although analysts believe the central bank may not review until later in 2025 The impact of incoming US President Donald Trump.
The Monetary Authority of Singapore kept policy steady in its October review as data showed the pace of economic activity picked up. The next review will take place before the end of this month.
