Singapore's Economy Records 4.4% Growth in 2024, Fastest Since 2021

Growth was driven by wholesale trade, finance, and manufacturing, while retail and food sectors contracted as spending shifted overseas.

Singapore's GDP grew by 4.4% in 2024, marking its fastest annual growth since 2021 and a significant increase from 1.8% in 2023.
Fourth-quarter GDP growth was revised to 5% year-on-year, surpassing earlier estimates of 4.3%, though slightly below the 5.7% growth in Q3.
Key contributors to the growth included the wholesale trade, finance and insurance, and manufacturing sectors, particularly the electronics and machinery segments.
Retail trade and food and beverage services sectors experienced contraction, partly due to increased spending by locals on overseas travel.
The Ministry of Trade and Industry maintained its GDP growth forecast for 2025 at 1%-3%, citing resilience in major economies but noting uncertainties in the global outlook.