Buildings in the central business district in Singapore, on Wednesday, Feb. 14, 2024. Singapore’s economy expanded by a slightly more modest pace than initially expected in 2023, as manufacturing activity contracted and services growth slowed.
Nicky Loh | Bloomberg | Getty Images
Singapore’s economy grew 4.0% in 2024, accelerating from 1.1% growth in 2023, preliminary government data showed on Thursday.
Gross Domestic Product (GDP) rose 4.3% in the fourth quarter from a year earlier, according to advance estimates from the trade ministry, above a median forecast of 3.3% in a Reuters poll of economists.
On a quarter-on-quarter seasonally adjusted basis, GDP expanded 0.1% in the October-December period, the advance estimates showed.
November’s annual inflation rate of 1.9% was the lowest in almost 3 years, creating room for the central bank to ease monetary policy at its January review, though analysts believe it might wait until later in 2025 to assess the impact of incoming U.S. President Donald Trump’s policies.
The Monetary Authority of Singapore held policy steady at its October review as data showed the pace of activity picking up. Its next review is due before the end of the month.