Singapore’s GDP Grew by 2.7 Per Cent in the First Quarter of 2024

12 April 2024. Based on advance estimates, the Singapore economy grew by 2.7 per cent on a year-on-year basis in the first quarter of 2024, faster than the 2.2 per cent growth in the previous quarter. On a quarter-on-quarter seasonally adjusted basis, the economy expanded by 0.1 per cent, extending the 1.2 per cent expansion in the fourth quarter of 2023.

Sectoral Performance

The manufacturing sector grew by 0.8 per cent year-on-year in the first quarter of 2024, moderating from the 1.4 per cent expansion in the previous quarter. Within the sector, output expansions in the chemicals, precision engineering and transport engineering clusters more than offset output contractions in the electronics, biomedical manufacturing and general manufacturing clusters. On a quarter-on-quarter seasonally-adjusted basis, the sector shrank by 2.9 per cent in the first quarter, a reversal from the 4.5 per cent expansion in the fourth quarter of 2023.

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MINISTRY OF TRADE AND INDUSTRY
12 April 2024