SINGAPORE: Singapore raised its 2024 economic growth estimate on Friday, November 22, to approximately 3.5%, over the range of its earlier estimate.
The Ministry of Trade and Industry (MTI) reduced the gross domestic product (GDP) growth estimate in August to 2-3%.
The “better-than-expected performance” of the Singaporean economy in the first three quarters of the year, along with the most recent domestic and international events, led MTI to increase its 2024 projection.
GDP growth for the first three quarters of this year averaged 3.8%, compared to the same period last year.
MTI’s permanent secretary for development, Beh Swan Gin, responded to CNA’s inquiry about whether GDP growth for the entire year could surpass the forecast by stating that the ministry did modify its forecast. On balance, Singapore’s overall external demand outlook is expected to remain resilient for the rest of 2024, said the ministry.
MTI added that the ongoing recovery in global electronics demand should support growth in Singapore’s manufacturing sector and outward-oriented services sectors, such as the wholesale trade sector.
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