Singapore GDP seen growing 3.4% in Q1: Nomura

Weak global growth poses downside risk.

Singapore’s economy is expected to grow faster by 3.4% year-on-year in the first quarter with the manufacturing rebound and strong tourism arrivals supporting full-year growth for 2024, according to Nomura.

Based on its latest Nomura Coincident Monthly Activity Indicator, its estimated GDP growth for the first quarter will outpace the actual 2.2% yearly increase in the fourth quarter of 2023.

Nomura maintained its 3.3% growth forecast for 2024 on the expectation the global tech turnaround could give a much-needed boost to the manufacturing sector.

Non-oil domestic export (NODX) for the first two months of the year already averaged an 8.4% year-on-year growth and completely reversed the 1.4% dip in the last three months of 2023.

The services sector is also benefitting from the major concerts the city-state had hosted so far this year, as well as the surge in visitor arrivals.

“A sharper decline in global growth poses downside growth risks. A more resilient services sector and a stronger turnaround in the global tech cycle are upside risks,” the experts said.

Follow the link for more news on

Nomura

Also Read

Singapore’s employment growth slows in Q1

S'pore, Indonesia explore carbon capture opportunities

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit