Singapore’s GDP Grew by 2.8 Per Cent in the Fourth Quarter of 2023 and by 1.2 Per Cent in 2023

2 January 2024. Based on advance estimates, the Singapore economy grew by 2.8 per cent on a year-on-year basis in the fourth quarter of 2023, faster than the 1.0 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 1.7 per cent, extending the 1.3 per cent expansion in the third quarter. For the whole of 2023, the economy grew by 1.2 per cent, moderating from the 3.6 per cent growth in 2022.

Sectoral Performance

The manufacturing sector expanded by 3.2 per cent year-on-year in the fourth quarter of 2023, a turnaround from the 4.7 per cent contraction in the previous quarter. Growth in the sector was due to output expansions across all clusters, with the exception of the precision engineering cluster. On a quarter-on-quarter seasonally-adjusted basis, the manufacturing sector grew by 9.0 per cent in the fourth quarter, accelerating from the 0.3 per cent expansion in the third quarter.

Download the full press release [PDF, 228 KB].

MINISTRY OF TRADE AND INDUSTRY
2 January 2024