Undated photography of the night view of the Singapore skyline of the pier barrage.
Calvin Chan Wai Meng |Moments |Getty Images
Singapore’s GDP expanded by 4.4% In 2024, mark Fastest growth since 2021government data showed Friday as it was driven from wholesale trade, finance and insurance, and manufacturing.
In 2023, the economy grew by 1.8%.
In the fourth quarter alone, Singapore’s GDP grew 5% year-on-year, higher than the 4.7% forecast of economists voted by Reuters, but lower than the 5.7% expansion in the previous quarter.
The 5% growth is also Exceeding estimates 4.3% announced on January 2.
This will be the last set of key economic data for the city-state, then Prime Minister Lawrence Wong will budget the country for 2025 on February 18.
The ministry added that Singapore’s retail trade industry, as well as the food and beverage sector, signed contracts, partly as people shift spending to overseas travel destinations.
The country’s GDP growth forecast is 1%-3% for the full year of 2025.
The Ministry of Trade and Industry of Singapore said the outlook for external demand in 2025 remained largely unchanged as the country’s major trading partners’ overall GDP growth is expected to start from 2024 levels.
“There is a lot of uncertainty surrounding the outlook for the U.S. economy, and its trajectory depends on the policies of the new U.S. government,” the ministry added.
Singapore expects China’s GDP growth to be moderate as tariffs and overcapacity are subject to overweight tariffs and industrial overproduction.
MTI predicts that in 2025, Singapore will see expansion in its manufacturing and trade-related services sectors, especially for electronics, which will be “under strong demand for semiconductor chips in the final market of PCs, smartphones and data centers. support”.
Growth is also expected to be seen in areas such as information and communications, as well as finance and insurance.
By contrast, the ministry expects growth in consumer-oriented sectors such as retail trade, food and beverages may remain boring.
It wrote: “This is partly due to locals shifting spending overseas in a situation where the ongoing recovery of international visitors should provide some support.”
