Singapore's economy expanded 2.8% in the fourth quarter of 2023, beating expectations. PM Lee expects the economy to grow by 1-3% in 2024, depending on the external environment.
PM Lee in his annual New Year Message on Dec 31 said that the economy is expected to grow by 1 to 3 per cent in 2024. SINGAPORE – Lifted by the manufacturing and construction sectors, Singapore ’s economy expanded 2.8 per cent year on year in the fourth quarter of 2023, faster than the 1 per cent growth in the previous quarter. The fourth-quarter figure, which beat analysts’ expectations, was also up from the 2.1 per cent recorded a year ago. For the whole of 2023, the economy grew 1.
2 per cent, moderating from the 3.6 per cent growth in 2022, according to advance estimates from the Ministry of Trade and Industry (MTI) on Jan 2.On a quarter-on-quarter seasonally adjusted basis, the economy expanded by 1.7 per cent in the fourth quarter, extending the 1.3 per cent expansion in the third quarter.that the economy is expected to grow by 1 per cent to 3 per cent in 2024, “but much will depend on the external environment”. Maybank economist Chua Hak Bin said Singapore’s economy ended on a high note, driven by a stronger than expected manufacturing recover
Singapore Economy Growth Manufacturing Construction Q4 2023 Expectations External Environment
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore's Economy Grows 1.2% in 2023, PM Lee Highlights Challenges AheadSingapore's economy grew 1.2% in 2023, avoiding a recession, according to Prime Minister Lee Hsien Loong's New Year message for 2024. However, he highlighted the challenges ahead due to geopolitical uncertainties.
Read more »
Singapore's Hotel and Retail Sectors Expected to Perform Strongly in 2024Prime hotel, retail and rental accommodation sectors are expected to perform strongly next year in Singapore, according to Savills. The tourism rebound is seen as the major driver of opportunities in premium hotels and quality retail outlets. Savills remains bullish on Singapore's prime rental residential segment.
Read more »
Italian Firms Showcase Expertise at Singapore Fintech Festival 2023Italian trade executive highlights the diverse range of products and expertise Italy can offer at the Singapore Fintech Festival 2023. Singapore's technological capabilities attract mature markets like Italy to strengthen trade relations in the fintech ecosystem.
Read more »
Jobseekers in Singapore Prioritise Salary Information, According to JobStreet Salary Guide 2023Jobseekers in Singapore are prioritising salary information, with 38% expressing they “want to know the salary before they apply”. The JobStreet Salary Guide 2023 provides insights into salary trends across different specialisations and position levels.
Read more »
Eco-friendly jet fuel production expected to triple by 2024The production of eco-friendly jet fuel is expected to triple to 1.875 billion litres in 2024, accounting for 0.53 per cent of the aviation industry’s fuel needs. However, this is still far behind the amount needed to reach the target of having cleaner jet fuel form 5 per cent of fuel consumption by 2030.
Read more »
Focus sought for green transition, food security, workers’ needs in 2024 budgetPwC Singapore proposes higher funding for food security, prioritizing employees' needs, and supporting businesses transitioning towards sustainability in Singapore's 2024 budget. They recommend a Sustainability Support Scheme (SSS) to provide grants and tax incentives for businesses to operationalize their sustainability strategies.
Read more »