SINGAPORE: Singapore’s economy grew by 4.3 per cent year-on-year (y-o-y) in the fourth quarter of 2024 (4Q 2024), slower than the 5.4 per cent expansion in the previous quarter, according to advance estimates from the Ministry of Trade and Industry (MTI).
For the full year, the economy expanded by 4.0 per cent, outperforming the 1.1 per cent growth in 2023, the ministry said in a statement today.
Earlier, Singapore Prime Minister Lawrence Wong noted in his New Year message that the economy grew by 4.0 per cent, exceeding expectations.
On a quarter-on-quarter, seasonally adjusted basis, the economy expanded by 0.1 per cent, moderating from a 3.2 per cent growth in the third quarter.
Among sectors, manufacturing grew by 4.2 per cent y-o-y in 4Q 2024, down from 11.1 per cent in the previous quarter. Output expansions in the electronics and transport engineering clusters drove the sector’s growth.
The construction sector grew by 5.9 per cent y-o-y in 4Q 2024, faster than the 4.7 per cent expansion in the preceding quarter, due to higher public sector construction output.
In services, the wholesale and retail trade, and transportation and storage sectors expanded by 5.6 per cent y-o-y in 4Q 2024, extending the 5.2 per cent growth in the prior quarter. All sectors within the group, except retail trade, posted growth.
The information and communications, finance and insurance, and professional services sectors grew by 3.7 per cent y-o-y in 4Q 2024, easing from 4.3 per cent in the previous quarter. All sectors within this group recorded growth.
The remaining services sectors, including accommodation and food services, real estate, administrative and support services, and other services, expanded by 2.6 per cent y-o-y in 4Q 2024, faster than the 1.4 per cent growth in the preceding quarter. All sectors within this group posted growth.
MTI will release the preliminary GDP estimates for 4Q 2024 and the full year, including sector performance, sources of growth, inflation, employment, and productivity, in the Economic Survey of Singapore in February 2025.– BERNAMA
