SINGAPORE: Singapore’s economy grew at a slower pace in the last quarter of 2024, growing 4.3 per cent compared with the same period last year, according to advance estimates released by the Ministry of Trade and Industry (MTI) on Thursday (Jan 2).
In the third quarter, the economy grew 5.4 per cent.
For the full year, however, GDP growth stood at 4 per cent for 2024, faster than the 1.1 per cent reported in 2023.
Economic growth in 2024 was above expectations, Prime Minister Lawrence Wong said in his New Year message, adding that most workers in Singapore received wage increases that outpace inflation.
In November, Singapore upgraded its economic growth forecast to around 3.5 per cent, above the range of its previous prediction.
In the fourth quarter, the construction sector grew by 5.9 per cent, and the wholesale and retail trade sector, together with the transportation and storage sector, grew 5.6 per cent.
On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 0.1 per cent, less than the 3.2 per cent reported in the third quarter.
Advance estimates are largely computed from data in the first two months of the quarter, October and November in this case. They are intended as an early indicator and may be revised later when more data is available.
