Singapore's 2023 Economic Growth Slows to 1.1%, 2024 Forecast Unchanged

Despite a slight miss from initial estimates, Singapore maintains its GDP growth forecast for 2024 at 1-3%, reflecting cautious optimism amid global uncertainties.

• Singapore's economy grew by 1.1% in 2023, slightly below the initial estimate of 1.2% and marking a slowdown from the 3.8% expansion in 2022.
• The Ministry of Trade and Industry (MTI) attributes the growth primarily to the services sector, including information and communications, and transportation and storage.
• For the final quarter of 2023, Singapore's GDP saw a year-on-year increase of 2.2%, falling short of the projected 2.8% growth.
• The Monetary Authority of Singapore (MAS) maintains its monetary policy stance as appropriate, with core inflation expected to slow to 2.5-3.5% in 2024.
• Amid global economic challenges, Singapore's manufacturing and trade-related sectors are anticipated to experience a gradual recovery, supported by a rebound in semiconductor sales and increased external demand.

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