(AFP / ROSLAN RAHMAN)
Singapore beat economic growth forecasts for 2024 by recording a 4% increase in its gross domestic product (GDP) despite a slowdown in the fourth quarter, according to preliminary government data released on Thursday.
The city-state, particularly dependent on international trade, experienced stronger growth than in 2023, then at 1.1%, indicated the Ministry of Commerce.
The figure exceeds government forecasts which, in November, expected 3.5% for the year 2024.
The manufacturing sector, a key sector of this export-oriented economy, notably recorded growth of 3.5% in 2024, after having suffered a contraction of 4.3% in 2023 in a context of global decline in demand.
Singapore's economic performance is often seen as a barometer of global economic trends due to its heavy reliance on international trade.
Prime Minister Lawrence Wong said in his New Year message that geopolitical tensions, such as the war in Ukraine and the Middle East, continued to weigh on Singapore's economy, as did the rising cost of living. .
