Singapore's Economy Surges in Q4 2023, Outpacing Predictions

Driven by the construction and manufacturing sectors, the growth marks a turnaround after narrowly avoiding a recession.

Singapore's economy grew by 2.8% year-on-year in Q4 2023, outperforming economists' predictions and marking the fastest rate of growth since Q3 2022.
The growth was largely driven by the construction and manufacturing sectors, with the latter rebounding after three quarters of contraction.
For the whole of 2023, the economy grew by 1.2%, a decrease from the 3.6% growth in 2022.
Economists anticipate a GDP growth of between 1% and 3% in 2024, with the Monetary Authority of Singapore expected to review its monetary policy by January 29.
Despite the growth, Singapore narrowly avoided a technical recession in 2023 and households continue to feel the pressure of a higher cost of living.