MTI Narrows 2024 GDP Growth Forecast to “2.0 to 3.0 Per Cent”

13 August 2024. The Ministry of Trade and Industry (MTI) announced today that Singapore’s GDP growth forecast for 2024 has been narrowed to “2.0 to 3.0 per cent”, from “1.0 to 3.0 per cent”.

Economic Performance in Second Quarter 2024

In the second quarter of 2024, the Singapore economy expanded by 2.9 per cent on a year-on-year basis, extending the 3.0 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 0.4 per cent, unchanged from the 0.4 per cent expansion in the first quarter. For the first half of 2024, Singapore’s GDP growth averaged 3.0 per cent year-on-year.

Download the full press release [PDF, 210 KB].

Economic Survey of Singapore Second Quarter 2024

Ministry of Trade And Industry
13 August 2024