Overview

• Singapore's GDP grew 2.7% year-on-year in Q1 2024, the fastest pace in 18 months.
• Tourism and high-profile events like Taylor Swift and Coldplay concerts significantly boosted the economy.
• The service sector, particularly arts, entertainment, and accommodation, saw substantial growth.
• Manufacturing faced challenges with a 1.8% decline, but recovery is expected later in the year.
• Non-oil domestic exports forecasted to grow at the lower range of 4-6% due to early-year declines.