12-4-2024 (SINGAPORE) Singapore’s economic landscape flourished in the first quarter of 2024, witnessing a year-on-year growth of 2.7 per cent, propelled predominantly by a resurgence in the services-producing sectors.
The advanced estimates, unveiled on April 12 by the Ministry of Trade and Industry, revealed a notable uptick compared to the 2.2 per cent expansion recorded in the preceding quarter.
This robust performance surpassed the 2.6 per cent forecast put forth by private-sector economists in a survey conducted by the Monetary Authority of Singapore in March.
Examining the quarter-on-quarter data on a seasonally adjusted basis, Singapore’s economy demonstrated resilience, posting a modest growth of 0.1 per cent in the first quarter. This follows a more substantial 1.2 per cent expansion observed in the final quarter of 2023.
Analysts had anticipated a vigorous acceleration in economic expansion, with a median forecast from a Bloomberg poll suggesting a 3 per cent surge in growth from January to March compared to the previous year. However, the pace of expansion on a quarter-on-quarter basis was expected to moderate, halving to 0.6 per cent.
The Ministry of Trade and Industry has outlined a cautiously optimistic outlook for Singapore’s economic trajectory in 2024, projecting a growth ranging between 1 per cent and 3 per cent. This forecast hinges on the anticipated modest improvements in the nation’s trade-related sectors.
