Q2 Growth at 2.9% Reflects Sectoral Differences Amid Mixed Performance
Private-sector economists have upheld their 2024 full-year growth forecasts for Singapore, following the Ministry of Trade and Industry’s (MTI) revision of its official GDP growth outlook to a range of 2-3%, down from the previous 1-3%. The adjustment aligns with earlier signals from the Monetary Authority of Singapore, which indicated that growth was expected to be closer to the potential rate of 2-3%.
For the second quarter of 2024, Singapore’s GDP grew by 2.9% year-on-year, matching the advance estimates, but slightly slower than the 3% growth recorded in the first quarter. The revision in GDP performance saw downward adjustments in the manufacturing and construction sectors, which were counterbalanced by an upward revision in services.
