Singapore's Economy Shows Resilience with 2.7% Q1 Growth

Sustained GDP growth forecast of 1-3% for 2024, driven by tourism, electronics, and service sectors.

Singapore's GDP grew 2.7% year-on-year in Q1 2024, the fastest pace in 18 months.
Tourism and high-profile events like Taylor Swift and Coldplay concerts significantly boosted the economy.
The service sector, particularly arts, entertainment, and accommodation, saw substantial growth.
Manufacturing faced challenges with a 1.8% decline, but recovery is expected later in the year.
Non-oil domestic exports forecasted to grow at the lower range of 4-6% due to early-year declines.