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Singapore maintains 2024 growth forecast at 1-3%

Singapore has maintained its 2024 full-year growth forecast at 1-3%, citing a resilient external demand outlook, the Ministry of Trade and Industry (MTI) announced. First-quarter GDP growth was 2.7%, unchanged from the advance estimate and an improvement from the previous quarter’s 2.2%. The economy grew 0.1% on a seasonally adjusted quarterly basis, beating expectations of a 0.3% contraction. Services, expanding 3.9% year-on-year, drove Q1 growth, while manufacturing contracted 1.8% due to a decline in electronics output. Construction grew 4.1%, slightly lower than the 4.3% advance figure. Despite a strong Q1, second-quarter growth may slow to around 1.5% year-on-year. The outlook remains positive for aviation, tourism, retail, and food services, while manufacturing and trade-related sectors are expected to gradually pick up.


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