Singapore’s economy grew faster than expected in 2024, beating previous projections, despite a slowdown in the fourth quarter, according to preliminary data from the country’s government.
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| View of the financial center of Singapore. |
| Photo : asia.nikkei.com/CVN |
The Ministry of Trade and Industry indicated that this growth marks a significant acceleration compared to 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 the fourth quarter of 2024, the economy grew by 4.3%, down from 5.4% growth in the previous quarter.
The manufacturing sector, a key pillar of the export-driven economy, grew 4.2% in the fourth quarter, compared to 11.1% in the third quarter. For the year as a whole, the manufacturing sector rebounded with growth of 3.5%, recovering from a contraction of 4.3% in 2023.
The construction sector grew by 5.9% in the fourth quarter, compared to 4.7% in the third quarter, while the services sector recorded an increase of 4.3%. Wholesale and retail trade, as well as accommodation and food services, were notably the drivers of growth within the services sector.
In his New Year’s message, Prime Minister Lawrence Wong warned that geopolitical tensions, such as conflicts in Ukraine and the Middle East, and the high cost of living could continue to strain Singapore’s economy in the during the coming year.
VNA/CVN
