SINGAPORE: With its economy growing by 2.7% year over year in the first quarter of 2024, Singapore has maintained its GDP growth forecast for the year at 1% to 3%.
Growth in the first quarter was faster than the 2.2% growth in the final quarter of 2023, consistent with the Ministry of Trade and Industry’s (MTI) advanced estimates. Reuters polled economists, and they predicted 2.5 percent GDP growth in the first quarter.
A spike in transaction volumes across most asset classes, enhanced credit intermediation activity, and company expansion from the insurance and other auxiliary activities segments contributed to the finance and insurance sector’s 6.5% year-over-year growth, an improvement over the 5.4% growth in the previous quarter.
The storage and transportation industry grew to 6.8% annually from 2.8% in the fourth quarter. Strong growth in the air transport sector was one of the contributing factors, as Changi Airport handled more passengers overall in the quarter than it did before the COVID-19 pandemic. 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.
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