Singapore's economy grew by 4.3% year-on-year in the fourth quarter of 2024, slowing from the 5.4% growth in the previous quarter but still surpassing market expectations of 3.8%.
Singapore Q4 GDP grows 4.3%, beating expectations
This marks a solid recovery from the subdued 2023 performance. For the full year, GDP expanded by 4%, a significant improvement from the 1.1% growth in 2023 and exceeding forecasts of 3.5%. The manufacturing sector saw a notable 4.2% increase in Q4, though this was a sharp slowdown from the 11.1% growth in the third quarter, reflecting weaker global demand. The construction sector posted a robust 5.9% growth in Q4, up from 4.7% in Q3, driven by strong demand in public and private construction projects. Meanwhile, services-producing industries grew by 4.1% YoY in Q4, bolstered by wholesale and retail trade, transportation and storage, information and communication, finance and insurance, and professional services.
Singapore's Q4 growth supported by construction and services
Despite the slowing manufacturing performance, the overall economy’s strong showing in Q4 indicates resilience, with significant contributions from the construction and services sectors, positioning Singapore for steady growth into 2025.
