Singapore’s Economic Growth in Q4

Singapore’s economy experienced minimal growth in the fourth quarter, facing challenges from weak export demand and slowing growth in China, yet it still achieved over 4% growth in 2024.

Key Economic Indicators

• GDP Growth: In the three months ending December 31, GDP rose by 0.1%, a significant decrease from the expected 2% and down from 3.2% in the previous quarter.
• Annualized GDP: The annualized growth for Q4 was 4.3%, surpassing the forecast of 3.8%, although it was lower than 5.4% from the prior quarter.
• Overall Growth for 2024: Singapore’s GDP rose by 4% throughout 2024, as highlighted by Prime Minister Lawrence Wong in his New Year’s address.

Sector Performance

While Singapore’s financial sector remains strong, its manufacturing sector is facing ongoing challenges due to decreased overseas demand, particularly in the electronics industry. Key non-oil exports have consistently declined throughout 2024.

Additionally, Singapore is dealing with above-average inflation and increasing housing prices, which are adversely affecting consumer spending.