Singapore GDP Q2 2024 +2.9%

According to data released by the Ministry of Trade and Industry, Singapore’s economy grew by 2.9 per cent in the second quarter of 2024.

On a quarterly basis, in the April-June period, the economy expanded by 0.4 per cent, in line with the growth recorded in the first three months of 2024.

The manufacturing sector recorded a year-on-year growth of 0.6 per cent in the second quarter of 2024, while it expanded by 0.5 per cent on a quarterly basis.

During the same period, the construction sector experienced a 4.3 per cent year-on-year expansion and grew by 2.4 per cent from the previous quarter.

Among the service sectors, wholesale and retail trade, along with transportation and storage, collectively grew by 2.5 per cent year-on-year in the second quarter, slower than the 3.9 per cent recorded in Q1.

In its latest outlook, the International Monetary Fund estimated Singapore’s GDP growth rate to be 2.1 per cent in 2024 and 2.3 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.