Economy grows at a faster pace in 1Q24: advance estimates

It grew 2.7% YoY from 2.2% YoY in 4Q23.

Singapore’s gross domestic product (GDP) grew faster in 1Q24, increasing 2.7% YoY, advance estimates from the Ministry of Trade and Industry (MTI) showed. In 4Q23, the GDP grew by 2.2% YoY.

On a quarter-on-quarter basis, GDP expanded by 0.1%, extending the 1.2% growth in the preceding quarter.

The goods-producing industries both saw expansions, with manufacturing posting a 0.8% YoY growth and construction recording a 4.3% YoY growth. 

All services-producing industries also recorded year-on-year expansions, led by "information & communications, finance & insurance and professional services" (+4.2% YoY) and followed by "accommodation & food services, real estate, administrative & support services" (+2.9% YoY) and “wholesale & retail trade and transportation & storage" (+2.7% YoY)