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Singapore’s economy grows 2.7% in first quarter of 2024

Singapore’s Q1 2024 GDP grows 2.7% year-on-year, according to MTI’s advance estimates, up from 2.2% in Q4 2023.



Singapore’s economy witnessed a 2.7 percent expansion in the first quarter of 2024 on a year-on-year basis, accelerating from a 2.2 percent growth in the last quarter of 2023, according to advance estimates released by the Ministry of Trade and Industry (MTI) on Friday.

Despite global economic uncertainties, the local economy has shown resilience, supported by diverse sectoral performances. The growth rate, although modest on a quarter-on-quarter basis at 0.1 percent, extended the 1.2 percent expansion seen in the final quarter of 2023.

Diverging Sectoral Trends

The manufacturing sector, often seen as a bellwether for the broader economy, grew by 0.8 percent year-on-year but has shown signs of strain, contracting by 2.9 percent on a quarter-on-quarter basis. The sector’s performance was mixed, with advances in the chemicals, precision engineering, and transport engineering clusters being overshadowed by declines in electronics, biomedical manufacturing, and general manufacturing.

The construction sector proved more robust, expanding by 4.3 percent compared to the same period last year, albeit at a slower pace than the 5.2 percent growth observed in the preceding quarter. The growth was significantly buoyed by public sector projects, even as private sector output saw a downturn. However, the sector experienced a 1.7 percent contraction on a quarter-on-quarter basis.

Services Sector Showcases Strong Growth

The services sector emerged as a strong growth driver, particularly the wholesale & retail trade and transportation & storage sectors, which together accelerated to a 2.7 percent increase year-on-year from just 1.0 percent in the previous quarter. Notably, all sub-sectors within this group reported growth during the quarter.

Additionally, the combined sectors of information & communications, finance & insurance, and professional services registered a 4.2 percent increase year-on-year, up from 3.6 percent in the prior quarter. The surge in demand for IT and digital solutions, alongside robust banking and financial services activity, contributed significantly to this growth.

Conversely, these sectors faced a sharp 4.2 percent contraction on a quarter-on-quarter basis, indicating potential volatility in these high-growth areas.

MTI will release its preliminary GDP estimates for the first quarter of 2024, including a detailed analysis of sector performances, sources of growth, and other economic indicators in the Economic Survey of Singapore, scheduled for release in May 2024.

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Will they use one sector of the industry to tell us its doing well ? I remember many years ago, they picked one sector like the construction industry or the electronic in the 1980’s and project good economic growth? What do you think?

I am the top boy in my class of 10 . There are 9 girls and 1 boy (that is me). tsk tsk tsk

Could be the forward accounting trick. Need to see next 2-3 quarters data.

Like MOM created 88+K jobs in 2023. But under magnifying glass, 94.5% of jobs went to foreigners; under microscope, MOM minister cannot answer what is the breakdown of the local jobs created. Boss must be really squeezing his balls, hor.

If we look at Quarter over Quarter growth. The economy expanded by 0.1%.

Now what is the inflation date for the Q1 of 2024? Real GDP is still falling.

Need to up GDP…..going from 94.5% jobs to FTs to 98.5% in 2024…
Sinkie can jiak sai lah!
Remember what Kenneth said in 2015 after the election..

Whenever its end of the year bonus time for employees, we hear from gov & employers that the economy is not so good…bad or stagnant..
I realised that its become a a pattern…
Did they think no one notices?

Headlines should read ‘ Ownself check ownself and ownself pockets getting fatter
Economy for MIW’s bank account growing due to dumb citizens.
PAP fairy tales are the best seller.

Late April Fool’s joke? …
Who believes them anymore.

Who knows WITHOUT INDEPENDENT AUDITS, CHECKS AND BALANCE – FRAUDSTERS cooked up 2.7 percent GROWTH fairy tale. Simple EMPLOYMENT statistics SECRETS how many Locals GAINED from job CREATIONS is so TOUGH, difficult even James Bond 007 CANNOT CRACK

Only a few days ago, this regime statemented that the local workforce is very close to full employment, and now, … the island state has showcased “an expansion” (their words) of 2.7% in the first quarter of 2024 !!!

The rest of the world must look at the red dot, … gangrene green with envy !!!

Swiftie exclusive and now an expansive economy too !!!

The populace must be chuffed to bits, and can’t wait to give this regime a shit strong mandate, … and more blank cheques !!!

I am sick of hearing the same tape recorder playing over and over again.

We want solutions , not price increase.

2023 they told you many jobs are created . For who? For Singaporeans or Foreigners?

Can TSL answer?

Well done oppositions. We need more of you to help Singapooreans

The days of Goh Keng Swee Lim Kim San E W Barker drawing Millions of Dollars of Obscene Salaries were FICTION ever ready to BE SHUT down by Kuan Yew WHOSE high standards the current ownself pay ownself Millions of Salaries are NO MATCH.

And NO ONE dared to say these Ministers SELECTED by Kuan Yew were mediocre.

And these Ministers HAS HAD managed SG to grow at 5,7 percent as Par for the Course. Yet they DO NOT DEMAND high salaries OR say they SACRIFICED their personal lives.