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.

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