Singapore economy up 4.4% in 2024

It was driven by the wholesale trade and finance & insurance sectors.

Singapore’s economy expanded by 4.4% in 2024, up from 1.8% in 2023, the Ministry of Trade and Industry (MTI) announced. The GDP growth forecast for 2025 remains at 1% to 3%.

In the fourth quarter of 2024, the economy grew by 5% year-on-year, a slight moderation from the 5.7% expansion in the third quarter. On a quarter-on-quarter seasonally adjusted basis, growth slowed to 0.5%, down from 3% in the previous quarter.

The economy’s expansion in 2024 was primarily driven by the wholesale trade, finance & insurance, and manufacturing sectors.

The electronics cluster within manufacturing, along with the machinery, equipment & supplies segment in wholesale trade, saw robust growth due to the global electronics cycle upturn.

Meanwhile, the finance & insurance sector benefitted from increased trading activity amidst shifting global and domestic financial market sentiments, resulting in strong growth in net fees and commissions amongst banks and fund managers.

Conversely, the retail trade and food & beverage services sectors faced contractions, partly attributed to increased overseas travel by Singapore residents, which diverted local spending abroad.

With a stable GDP outlook for 2025, the ministry said economic performance will depend on global market trends and domestic sectoral developments.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia