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Singapore’s GDP Grew by 4.1 Per Cent in the Third Quarter of 2024

14 October 2024

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14 October 2024. Based on advance estimates, the Singapore economy grew by 4.1 per cent on a year-on-year basis in the third quarter of 2024, extending the 2.9 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 2.1 per cent, faster than the 0.4 per cent growth in the second quarter.

Sectoral Performance

The manufacturing sector expanded by 7.5 per cent year-on-year in the third quarter of 2024, rebounding from the 1.1 per cent contraction in the previous quarter. Growth in the sector was supported by output expansions across all manufacturing clusters, except for the biomedical manufacturing cluster. On a quarter-on-quarter seasonally-adjusted basis, the sector grew by 9.9 per cent, a sharp turnaround from the 1.2 per cent contraction in the second quarter.

Download the full press release [PDF, 217 KB].

MINISTRY OF TRADE AND INDUSTRY
14 October 2024

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