Singapore GDP 2023 +1.2%

According to the latest data released on January 2, 2024, by the Ministry of Trade and Industry of Singapore, the country’s economy expanded by 1.2 per cent in 2023, easing from a 3.6 per cent growth of 2022, and in line with government expectation of 1 per cent.

GDP expanded by 2.8 per cent in Q4 2023 year on year, accelerating from 1 per cent reached in the previous quarter.

Singapore’s manufacturing sector, which comprises about 20 per cent of its economy and the country’s largest sector, expanded by 3.2 per cent year on year in Q4, reversing from the 4.7 per cent contraction in the third quarter of 2023.

For 2024 the country is expecting a GDP growth between 1 to 3 per cent.

The International Monetary Fund estimated Singapore's GDP growth rate to be 1 per cent in 2023 and 2.1 per cent in 2024.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.