MTI Forecasts GDP Growth of “Around 3.5 Per Cent” in 2024 and “1.0 to 3.0 Per Cent” in 2025

22 November 2024. The Ministry of Trade and Industry (MTI) announced today that Singapore’s GDP growth is projected to come in at “around 3.5 per cent” in 2024 and “1.0 to 3.0 per cent” in 2025.

Economic Performance in Third Quarter 2024

In the third quarter of 2024, the Singapore economy expanded by 5.4 per cent on a year-on-year basis, faster than the 3.0 per cent growth in the second quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 3.2 per cent, accelerating from the 0.5 per cent expansion in the previous quarter. For the first three quarters of the year, GDP growth averaged 3.8 per cent year-on-year.

On a year-on-year basis, GDP growth in the third quarter was primarily driven by the manufacturing, wholesale trade and finance & insurance sectors, which were bolstered in part by the upturn in the global electronics cycle. On the other hand, consumer-facing sectors such as the retail trade and food & beverage services sectors continued to contract due to sustained strength in outbound travel by locals, as well as a slower-than-anticipated recovery in international visitor arrivals (IVA) and weak tourist spending.

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Economic Survey of Singapore Third Quarter 2024

MINISTRY OF TRADE AND INDUSTRY
22 November 2024