23/05/2024 11:02 AM


SINGAPORE, May 23 (Bernama) -- Singapore’s economy grew by 2.7 per cent year-on-year (y-o-y) in the first quarter (1Q) of 2024, extending the 2.2 per cent expansion in the previous quarter, according to the republic’s Ministry of Trade and Industry (MTI).

MTI, in a statement in conjunction with the release of the First Quarter 2024 Economic Survey of Singapore report today, said the growth was primarily driven by the finance and insurance, transportation and storage, and wholesale trade sectors.

On a quarter-on-quarter (q-o-q) seasonally-adjusted basis, the economy expanded by 0.1 per cent, moderating from the 1.2 per cent growth in the preceding quarter.

MTI said 2024 growth forecast for Singapore is maintained at 1.0 to 3.0 per cent, taking into account the performance of its economy in the first quarter, as well as the latest global and domestic economic developments.

Among the sectors, the manufacturing sector contracted by 1.8 per cent y-o-y in 1Q 2024, a reversal from the 1.4 per cent growth in the previous quarter, mainly due to output declines in the biomedical manufacturing, electronics and general manufacturing clusters.

Meanwhile, the accommodation sector grew by 14.4 per cent y-o-y, accelerating from the 1.5 per cent expansion in the preceding quarter, bolstered by a strong recovery in international visitor arrivals.

As for the outlook for 2024, MTI said that since the Economic Survey of Singapore in February, the external economic environment has remained resilient.

In particular, economic growth in the United States and China was better than expected in the first quarter, due largely to stronger-than expected domestic demand and external demand respectively.

It said GDP growth in the major economies is expected to taper gradually in the immediate quarters due to tight financial conditions, before picking up alongside anticipated policy rate cuts later in the year.

However, the downside risks in the global economy remain, including escalations in geopolitical tensions in the Middle East or the war in Ukraine that could disrupt global supply chains and commodity markets.

Against this backdrop, MTI expects Singapore’s manufacturing and trade-related sectors to see a gradual pickup in growth over the course of the year.

Within the manufacturing sector, the electronics cluster is projected to recover gradually in the coming quarters, which will in turn have positive spillover effects on the precision engineering cluster, as well as the wholesale trade sector.

Meanwhile, the stronger-than-anticipated recovery in air travel and tourism demand will continue to bolster the growth of aviation and tourism related sectors such as accommodation, air transport and aerospace, as well as consumer-facing sectors such as retail trade and food & beverage services.



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