An undated photography of a night view of the Singapore skyline from the Marina Barrage.
Calvin Chan Wai Meng | Moment | Getty Images
Singapore’s GDP expanded by 4.4% in 2024, marking its fastest growth since 2021, government data showed Friday.
The economy had expanded by 1.8% in 2023.
For the fourth quarter alone, Singapore’s GDP grew 5% year on year, higher than the 4.7% forecast by a poll of economists polled by Reuters, but lower than the 5.7% expansion seen in the previous quarter.
The 5% growth figure also surpassed advance estimates of 4.3% announced on Jan. 2.
The country’s trade and industry ministry said that GDP growth for the year was mainly driven by the wholesale trade, finance and insurance, and manufacturing sectors.
However, the retail trade sector, as well as the food and beverage sectors in Singapore contracted, partly as people shifted their spending to overseas travel destinations, the ministry added.
Singapore’s GDP growth forecast was maintained at 1%-3% for the full year for 2025.
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