Singapore's economy expanded at its fastest rate since exiting the pandemic in 2024, fueled by a strong manufacturing sector and shifting supply chains.
Singapore’s economy grew 4.0 percent in 2024, its fastest annual pace since exiting the pandemic, accelerating from an expansion of 1.1 percent in 2023 and 3.8 percent in 2022, preliminary government data showed today. Gross Domestic Product (GDP) rose 4.3 percent in the fourth quarter from a year earlier, according to advance estimates from the trade ministry, above a median forecast of 3.3 percent in a Reuters poll of economists.
On a quarter-on-quarter seasonally adjusted basis, GDP expanded 0.1 percent in the October-December period. Maybank economist Chua Hak Bin said: “Singapore is starting the year in a sweet spot, with growth on a high and inflation at below 2 percent.” “Shifting supply chains to Southeast Asia and front-loading of shipments ahead of potential higher U.S. tariffs will continue to drive manufacturing growth in the first half of 2025,” Chua said.OCBC economist Selena Ling said the cautious forecast was realistic given current external headwinds and “is likely due to Trump 2.0 tariffs and also possibly the fading of front-loading activities”. However, she said growth is unlikely to slow too significantly in 2025. “Assuming tariffs don’t impact Singapore directly, the 1 percent year-on-year floor should hold. My baseline is still about 2 percent given higher base”. November’s annual inflation rate of 1.9 percent was the lowest in almost three years, creating room for the central bank to ease monetary policy at its January review, though analysts believe it might wait until later in 2025 to assess the impact of incoming US President Donald Trump’s policie
SINGAPORE ECONOMY GDP GROWTH MANUFACTURING INFLATION TRUMP TARIFFS
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Domestic Tourism in Malaysia Sees Strong Growth in Q3 2024Domestic tourism in Malaysia experienced robust growth in the third quarter of 2024, recording 66.3 million visitors, a 22.3% increase compared to the same period last year. Despite a 3.2% decline compared to the second quarter of 2024, domestic tourism spending also showed significant growth, reaching RM25.6 billion, up 27.4% year-on-year. However, it decreased by 9.1% compared to the second quarter of 2024. The Malaysian Chief Statistician, Datuk Seri Dr. Mohd Uzir Mahidin, stated that up to September 2024, Malaysia's domestic tourism had recorded a total of 193.3 million visitors, representing a 21.8% year-on-year increase. Domestic tourism spending for the first nine months of 2024 reached RM77.8 billion, reflecting a strong 27.2% year-on-year growth.
Read more »
MIHAS @ Dubai 2024 dan JFEX Winter 2024: Usahawan PKNS terokai pasaran antarabangsaPerbadanan Kemajuan Negeri Selangor (PKNS) terus mengukuhkan peranan dalam memperkasakan usahawan Bumiputera menerusi penyertaan dalam pameran antarabangsa Malaysia International Halal Showcase (MIHAS) Dubai 2024 dan Japan International Food Expo (JFEX) Winter 2024, yang menjadi platform penting untuk mempromosikan produk, menarik pelaburan...
Read more »
Singapore’s labour market sees strong growth in Q3, according to Ministry of Manpower reportSINGAPORE, Dec 9 — Singapore’s labour market showed strong growth in the third quarter of 2024, with total employment nearly doubling the increase seen in the previous quarter,...
Read more »
Malaysia’s property market holds steady in 2024, driven by strong demand and new projectsKUALA LUMPUR, Dec 17 — Malaysia’s housing market, and by extension the property sector, remained resilient and stable throughout 2024 supported by brisk demand and new...
Read more »
Malaysia Sees Record Domestic Tourism Growth in Q3 2024Malaysia's domestic tourism experienced a surge in the third quarter of 2024, with a record 66.3 million visitors and RM25.6 billion in total expenditure. The Department of Statistics Malaysia (DOSM) reported a 21.8% year-on-year increase in domestic visitors, reaching 193.3 million for the first nine months of 2024. Domestic tourism expenditure also witnessed a robust 27.2% year-on-year growth, reaching RM77.8 billion. The accommodation sector saw a 12.9% revenue increase, driven by higher occupancy rates across various star categories.
Read more »
Singapore economists see growth of 3.6pc in 2024, monetary policy unchanged in JanuarySINGAPORE, Dec 11 — Singapore’s economy will grow 3.6 per cent this year, up from a previous forecast of 2.6 per cent expansion, while monetary policy settings are expected to...
Read more »