Singapore raises 2024 economic growth forecast to approximately 3.5%

Singapore raised its 2024 economic growth estimate to approximately 3.5%, above the range of its earlier projection.In August, the Ministry of Trade and Industry (MTI) reduced its expected GDP growth to between 2 and 3 percent.

When compared to the same period last year, GDP growth for the first three quarters of this year averaged 3.8%.Singapore's GDP growth in 2025 is anticipated by the government to be between 1% and 3%.

The third quarter of this year saw Singapore's GDP grow 5.4%, which was higher than the 4.1% predicted by the forecasters.Overall, the ministry predicted that Singapore's forecast for external demand would continue to be strong through the remainder of 2024.

When combined with the continued upturn in demand for electronics worldwide, this could help Singapore's manufacturing industry and outbound-focused service sectors like wholesale trade, MTI stated.

However, given the slower-than-expected rebound in international visitor arrivals and weak tourist expenditure, the prognosis for tourism-related and consumer-facing industries like accommodation, retail commerce, and food and beverage services has diminished.

The third quarter of this year saw better-than-expected performance from major economies like the US and Eurozone, as well as certain smaller economies like Malaysia.