Singapore’s economy beat forecasts to grow 4 percent last year, despite a slowdown in the fourth quarter, preliminary government data showed yesterday.
The trade-reliant city-state’s economy accelerated from the 1.1 percent growth registered in 2023, the Singaporean Ministry of Trade and Industry said.
The figure surpassed the government’s revised forecast made in November last year for full-year growth of about 3.5 percent.
Photo: EPA-EFE
Growth in the final quarter of last year came in at 4.3 percent, according to preliminary estimates by the 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 percent, led by wholesale and retail, as well as accommodation and food services.
Singaporean Prime Minister Lawrence Wong (黃循財) said in his New Year’s message that geopolitical tensions such as the war in Ukraine and violence in the Middle East would continue to influence Singapore’s economy, along with higher living costs.
“While global inflation has moderated, price levels have not fallen, much less returned to pre-pandemic levels,” he said on Tuesday. “Across many countries, cost of living pressures continue to weigh heavily on families and communities. People feel a deep sense of angst and anxiety about the future.”
Singapore was “not immune from these global mood shifts and pressures,” Wong said.
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