Singapore's economy beat forecasts to grow 4.0 percent in 2024 despite a slowdown in the fourth quarter, preliminary government data showed on Thursday (Jan 2). The trade-reliant city-state's economy accelerated from the 1.1 percent growth registered in 2023, the trade ministry said. The figure surpassed the government's revised forecast made in November for full-year growth of around 3.5 percent.
Singapore's economic performance is often seen as a barometer of the global environment because of its heavy reliance on international trade.
Growth in the final quarter of last year came in at 4.3 percent, according to preliminary estimates by the trade ministry, easing from 5.4 percent in the third quarter.
Manufacturing, a key pillar of the export-driven economy, expanded 4.2 percent in the fourth quarter, down from 11.1 percent in the previous three months.
The sector grew 3.5 percent for the full year, reversing a 4.3 percent decline in 2023.
Construction was more robust in the fourth quarter, expanding 5.9 percent from 4.7 percent in the three months to September.
The services sector rose 4.3 percent from 4.0 percent, led by wholesale and retail, as well as accommodation and food services.
(Compiled)
