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Singapore’s economy grew 4.4% in 2024, exceeding forecasts: MTI

Singapore's economy grew by 4.4% in 2024, surpassing initial forecasts and outperforming earlier estimates, according to updated data from the Ministry of Trade and Industry (MTI) released on 14 February. This figure was an upward revision from the 4% growth projected in January and significantly above the initial 3.5% forecast. Fourth-quarter growth was revised to 5%, up from the previous estimate of 4.3%, while quarter-on-quarter growth slowed to 0.5% from 3% in the third quarter. The expansion was driven by strong performances in the wholesale trade, finance and insurance, and manufacturing sectors, with robust growth in electronics and machinery within wholesale trade. However, retail trade and food and beverage services contracted as Singaporeans spent more on overseas travel. Looking ahead, MTI maintained its GDP growth forecast for 2025 at 1% to 3%, citing a stable labour market and external demand uncertainties, particularly in the US and China. Meanwhile, non-oil domestic exports reversed a sharp decline from 2023, growing by 0.2% in 2024, buoyed by a resurgence in electronic product shipments. Read more at: https://www.theonlinecitizen.com/2025...