Singapore GDP slows in This fall, however annual development sturdy

Investing.com– Singapore’s economic system barely grew within the fourth quarter, because the island state continued to grapple with weak export demand and slowing development in main market China, though the economic system nonetheless grew greater than 4% in 2024. 

Gross home product rose 0.1% within the three months to December 31, advance authorities knowledge confirmed on Thursday. The studying was considerably decrease than expectations of two% and slowed sharply from the three.2% seen within the prior quarter.

Annualized GDP was a lot stronger, rising 4.3% within the fourth quarter- greater than expectations of three.8%. However the studying additionally slowed from the 5.4% seen within the prior quarter. 

Nonetheless, the This fall knowledge confirmed Singapore’s GDP grew 4% in 2024. 

Singapore Prime Minister Lawrence Wong had flagged an annual GDP of over 4% in his New Years’ tackle on Wednesday. 

Whereas Singapore’s monetary sector has remained strong, manufacturing has grappled with sustained headwinds from slowing abroad demand, particularly within the electronics business. 

Singapore’s key non-oil exports steadily declined by way of 2024. 

The nation can also be grappling with above-average inflation and rising housing costs, which have chewed into shopper spending.