Singapore GDP growth slows to 4.3% YoY in Q4

On a sequential basis, GDP also grew slower.

Singapore’s gross domestic product (GDP) grew slower in Q4 2024, increasing 4.3% YoY, advance estimates from the Ministry of Trade and Industry (MTI) showed.

In Q3 2024, the GDP grew by 5.4% YoY.

On a quarter-on-quarter basis, GDP expanded by 0.1%, also slower than the 3.2% growth in the preceding quarter.

The goods-producing industries saw expansions, with manufacturing posting a 4.2% YoY growth and construction recording a 5.9% YoY increase.

All services-producing industries also recorded year-on-year expansions, led by “wholesale & retail trade and transportation & storage" (+5.6% YoY) and followed by "information & communications, finance & insurance and professional services" (+3.7% YoY), and "accommodation & food services, real estate, administrative & support services" (+2.6% YoY).

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Ministry of Trade and Industry

Singapore GDP

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