Singapore GDP Q3 2024 +4.1%

According to data released by the Ministry of Trade and Industry, Singapore’s economy grew by 4.1 per cent in the third quarter of 2024 from a year earlier.

On a quarterly basis, in the July-September period, the economy expanded by 2.1 per cent, in line with the growth recorded in the first three months of 2024.

The manufacturing sector expanded by 7.5 per cent year-on-year in the third quarter of 2024, rebounding from the 1.1 per cent contraction in the previous quarter.

During the same period, the construction sector experienced a 3.1 per cent year-on-year expansion, slower than the 4.8 per cent growth recorded in the preceding quarter.

Among the service sectors, wholesale and retail trade, along with transportation and storage, collectively grew by 3.5 per cent year-on-year in the third quarter, slower than the 3.9 per cent recorded in Q2.

The group of industries including information and communications, finance and insurance, and professional services increased 4.3 per cent in the Q3 2024, below the previous quarter's 5.4 per cent growth.

In its latest outlook, the International Monetary Fund estimated Singapore’s GDP growth rate to be 2.1 per cent in 2024 and 2.3 per cent in 2025.

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.