Singapore’s economy has expanded at an annual rate of 2.8% in the fourth quarter of 2023, preliminary data by Statistics Singapore showed.
The figure marked the 12th consecutive quarter of positive economic growth and also the strongest rate of GDP expansion since Q3 2022. The data added to signs that Singapore’s recovery was gaining traction.
Third-quarter GDP growth has been revised down to 1% from 1.1%.
Singapore’s services sector continued to demonstrate growth (up 2.4% year-on-year versus 2.3% year-on-year in the third quarter), driven by sustained increases in wholesale & retail trade, transportation, information & communications as well as accommodation, real estate and other services.
Meanwhile, activity in the manufacturing sector rebounded strongly (up 3.2% year-on-year versus 4.7% year-on-year drop in the third quarter), supported by output expansion across all clusters with the exception of precision engineering.
In addition, activity in Singapore’s construction segment accelerated (up 9.1% versus 6.2% in Q3).
In quarterly terms, the city-state’s GDP grew 1.7% in the fourth quarter, while accelerating from a 1.3% increase in Q3.
Singapore’s Dollar was 0.17% weaker against its US counterpart on Tuesday, with the USD/SGD currency pair last trading at 1.3218.
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