Singapore’s Economy Grows by 4% in 2024, Surpassing Expectations

Singapore has exceeded economic growth projections for 2024, achieving a 4% increase in its gross domestic product (GDP), despite a slowdown observed in the fourth quarter, according to preliminary government data released on Thursday.

The city-state, which heavily relies on international trade, demonstrated stronger growth compared to 2023, when the economy expanded by only 1.1%, as reported by the Ministry of Trade.

This figure surpasses the government’s November forecast of 3.5% for the year 2024.

The manufacturing sector, a vital component of this export-driven economy, recorded a growth rate of 3.5% in 2024, recovering from a contraction of 4.3% in 2023 due to a global decline in demand.

Singapore’s economic performance is often regarded as an indicator of global economic trends because of its significant dependence on international trade.