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Singapore economy: 2023, Q4 GDP

A general view of the skyline of the Singapore Central Business District, the Marina Bay Sands, the ArtScience Museum and the seating platform at Marina Bay on August 1, 2015 in Singapore.

Suhaimi Abdullah | Getty Images

SINGAPORE — Singapore’s economy grew 2.2% year-on-year in the fourth quarter last year, official data on Thursday showed, falling short of both the advance estimates of a 2.8% growth and Reuters’ expectations of a 2.5% growth.

The reading, however, marks a sharp increase from the 1% growth in the previous quarter.

On a quarter-on-quarter seasonally-adjusted basis, Singapore’s economy expanded 1.2% in the fourth quarter, slightly better than the 1% growth in the third quarter, according to the Ministry of Trade and Industry.

On the whole, the Singapore economy grew 1.1% in 2023, slower than the 3.8% expansion in 2022. The growth in 2023 was largely driven by information and communications and transportation and storage sectors.

The GDP growth forecast for 2024 was maintained at 1% to 3%, the ministry said.

Growth in the information and communications sector came in at 4.7% year-on- year, slower than the 6% growth in the preceding quarter, while the finance and insurance sector grew 5.4% year-on-year, faster than the 2.5% growth in the previous quarter.

Singapore’s economy is expected to strengthen this year, barring further global shocks, the Monetary Authority of Singapore said in its January forecast

This is a developing story. Please check back for updates.

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