Singapore's economy expanded by 4.3% on a y-o-y basis in the fourth quarter of 2024 (4Q2024), moderating from the 5.4% growth reported in the third quarter.
According to advance estimates released by the Ministry of Trade and Industry (MTI) on Jan 2, Singapore’s GDP grew by 0.1% on a q-o-q seasonally adjusted basis, slowing down from the 3.2% growth seen in the previous quarter.
Overall GDP for the 4Q2024 was led by y-o-y growths in construction and wholesale & retail trade and transportation & storage at 5.9% and 5.6% respectively.
In 2024, Singapore’s GDP grew by 4%, exceeding the latest official forecast of “around 3.5%” and faster than 2023's 1.1% growth.
