Singapore's Economy Surges 4% in 2024, Exceeding Projections

Boosted by growth in manufacturing, construction, and services, Singapore records its strongest economic performance since 2011, excluding post-pandemic rebounds.

• Singapore's GDP grew by 4% in 2024, surpassing the government's November forecast of 3.5%.
• The fourth quarter saw a year-on-year GDP growth of 4.3%, though quarter-on-quarter growth slowed to 0.1%.
• Key sectors driving this growth included manufacturing (4.2%), construction (5.9%), and services (4.3%).
• Prime Minister Lawrence Wong highlighted that most workers experienced wage increases outpacing inflation, with incomes expected to continue rising.
• Officials project moderated GDP growth of 1-3% for 2025, citing global uncertainties such as geopolitical tensions.

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Al Jazeera CNA