Singapore’s GDP grows 4.1% year-on-year in Q3

Singapore’s economy has grown at an annualized rate of 4.1% in the third quarter of 2024, preliminary data by Statistics Singapore showed.

The figure followed a 2.9% YoY growth in the second quarter.

In Q3, economic growth was mostly underpinned by a 6.6% expansion in Singapore’s goods producing industries. The manufacturing sector grew 7.5% YoY, while the construction sector – 3.1% YoY.

Meanwhile, the services sector registered a 3.3% YoY growth in Q3. Within services, the main positive contributions came from:

– wholesale & retail trade and transportation & storage (3.5% YoY in Q3);
– information & communications, finance & insurance and professional services (4.3% YoY);
– accommodation & food services, real estate, administrative & support services and other services (1% YoY).

In quarterly terms, the city-state’s economy grew 2.1% in the third quarter.

The Singaporean Dollar was 0.28% weaker on the day against its US counterpart, with the USD/SGD currency pair last trading at 1.3084.