SINGAPORE — Singapore's economy grew 2.7 per cent year-on-year in the first quarter of 2024, according to advance estimates from the Ministry of Trade and Industry (MTI) on Friday (April 12). This was faster than the 2.
per cent year-on-year in the first quarter of 2024, according to advance estimates from the Ministry of Trade and Industry on Friday .On a quarter-on-quarter seasonally adjusted basis, Singapore's economy expanded by 0.1 per cent, extending the 1.2 per cent expansion in the fourth quarter of 2023.
"Within the sector, output expansions in the chemicals, precision engineering and transport engineering clusters more than offset output contractions in the electronics, biomedical manufacturing and general manufacturing clusters," said MTI. MTI said the growth during the quarter was supported by an increase in public-sector construction output even as private-sector construction output declined.
Meanwhile, growth in the transportation and storage sector was largely supported by the water and air transport segments. "The finance and insurance sector expanded on account of the strong performance of the banking and activities auxiliary to financial services segments." "In particular, the accommodation sector saw robust growth due to a strong recovery in international visitor arrivals," said MTI.
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