Singapore Maintains 2024 GDP Growth 1-3%, Q1 Grew 2.7%

Singapore has maintained its GDP growth forecast for the year at a range of 1 to 3 per cent as its economy grew by 2.7 per cent year-on-year in the first quarter of 2024.

The first quarter growth was in line with the Ministry of Trade and Industry’s (MTI) advanced estimates and faster than the 2.2 per cent growth recorded in the last quarter of 2023.

The GDP growth in Q1 2024 was primarily driven by the finance and insurance, transportation and storage and wholesale trade sectors, MTI said on Thursday (May 23).

In the finance and insurance sector, a surge in transaction volumes across most asset classes, improved credit intermediation activity and firm growth from the insurance and other auxiliary activities segments helped see growth of 6.5 per cent year-on-year, an improvement from the 5.4 per cent growth in the preceding quarter.

The transportation and storage sector picked up to 6.8 per cent year-on-year, from 2.8 per cent in the fourth quarter. Contributing factors included robust growth in the air transport segment, with the total number of air passengers handled at Changi Airport during the quarter coming in above its pre-COVID level.

Meanwhile, the water transport segment also expanded, supported by an increase in container throughput and sea cargo handled at Singapore’s ports.

The wholesale trade sector grew by 1.5 per cent year-on-year, faster than the 0.2 per cent growth in the previous quarter.

The fuels and chemicals segment saw increased output in both the petroleum and petroleum products and chemicals and chemical products sub-segments, as well as the “others” segment, which comprises a diverse range of products including metals, timber and construction materials, and household equipment and furniture.

MTI added that “on a quarter-on-quarter seasonally adjusted basis, the economy expanded by 0.1 per cent, moderating from the 1.2 per cent growth in the preceding quarter”.

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