Resilient External Demand Outlook, Despite Remaining Downside Risks
Singapore has revised its full-year growth forecast for 2024 to a range of 2-3%, slightly narrowing from the previous forecast of 1-3%, as announced by the Ministry of Trade and Industry (MTI) on August 13. This follows the unchanged second-quarter GDP growth rate of 2.9%, which mirrors the advance estimate and is comparable to the previous quarter’s 3% growth.
MTI expects Singapore’s economy to maintain a growth trend of around 2-3% over the medium term, despite global downside risks. Services-producing industries were the primary drivers of growth in Q2, growing by 3.7% year-on-year, while goods-producing industries showed no growth. On a seasonally adjusted, quarterly basis, the economy expanded by 0.4%, consistent with the first quarter.
