2nd January 2024 – (Singapore) Singapore’s economy experienced a significant boost in the fourth quarter of 2023, with a year-on-year growth rate of 2.8%, surpassing the 1.0% growth recorded in the previous quarter. This positive development was revealed by the Ministry of Trade and Industry on Tuesday.
Furthermore, on a quarter-on-quarter seasonally-adjusted basis, Singapore’s economy expanded by 1.7% in the fourth quarter, outperforming the 1.3% growth achieved in the third quarter.
However, it is worth noting that the overall growth for the entirety of 2023 was 1.2%, which represents a moderation compared to the robust 3.6% growth witnessed in 2022. The slowdown in growth reflects a more subdued economic performance over the course of the year.
The Ministry of Trade and Industry’s report indicates that Singapore’s economy displayed resilience and demonstrated signs of recovery in the fourth quarter. This growth can be attributed to various factors, including increased domestic consumption, improved business sentiments, and a rebound in global trade activities. These factors collectively contributed to the positive momentum observed in the country’s economic landscape.
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