Singapore Economy Grows 2.7% in Q1 2024

Singapore’s economy expanded by 2.7% year-on-year in the first quarter of 2024, up from the 2.2% growth in the previous quarter, according to the Ministry of Trade and Industry’s latest economic survey released on Thursday.

Key sectors contributing to this growth included finance and insurance, transportation and storage, and wholesale trade. The report highlighted a resilient external economic environment, bolstered by better-than-expected growth in the United States and China during the same period.

China’s supportive policies, aimed at increasing manufacturing investment, expanding infrastructure spending, and stabilising the property market, have positively influenced global economic conditions. Meanwhile, the U.S. growth outlook has improved slightly, driven by a strong labour market and investments in artificial intelligence.

The ministry’s report indicates that Singapore’s manufacturing and trade-related sectors are expected to see growth throughout the year. Additionally, the aviation and tourism-related sectors are poised to benefit from recovering demand.

Considering both domestic and external factors, the Ministry of Trade and Industry has maintained its growth forecast for Singapore at 1% to 3% for the year.