Singapore GDP Q1 2024 +2.7%

According to the latest data released from the Ministry of Trade and Industry, Singapore’s economy grew by 2.7 per cent in the first quarter of 2024.

On a quarterly basis, growth in the January-March period was in line with that in 2023 and faster than the 2.2 per cent recorded in Q4 2023.

In the first quarter of 2024, the manufacturing sector recorded a year-on-year growth of 0.8 per cent, a decrease from the 1.4 per cent expansion in the previous quarter.

During the same period, the construction sector experienced a 4.3 per cent year-on-year expansion, continuing the momentum from the 5.2 per cent growth in Q4 2023.

Among the service sectors, wholesale and retail trade, along with transportation and storage, collectively grew by 2.7 per cent year-on-year in the first quarter, an increase from the 1.0 per cent growth in Q4 2023.

The International Monetary Fund estimated Singapore GDP growth rate to be 2.1 per cent in 2024, 2.5 per cent in 2025.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.