Close to 60% of industries rebounds to ‘above average’ growth

The economy grew by 4.1% in Q3, compared to just 1.1% for the whole of 2023.

Close to 60% of industries in Singapore are growing at or above the levels seen before the pandemic, a report by MAS revealed.

Gross domestic product (GDP) grew at a below-average rate of 1.1% in 2023. Improvements were seen in the first half of 2024 at 3%, increasing further to 4.1% in the third quarter.

The improvement in 2024 compared to 2023 was partly due to better performance in sectors that deal with international trade, like wholesale trade, water transport and storage, and finance and insurance. The manufacturing sector showed a significant recovery in Q3 2024, growing above average after struggling in 2023 and the first half of 2024.

Meanwhile, the number of industries that were growing below average fell from about 70% in 2023 to 50% in the first half of 2024, and then to 40% in the third quarter. This means that nearly 60% of industries were growing at an average rate or better by Q3 2024.

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