Singapore GDP slows in Q4, but annual growth strong
Investing.com– Singapore’s economy barely grew in the fourth quarter, as the island state continued to grapple with weak export demand and slowing growth in major market China, although the economy still grew more than 4% in 2024.
Gross domestic product rose 0.1% in the three months to December 31, advance government data showed on Thursday. The reading was substantially lower than expectations of 2% and slowed sharply from the 3.2% seen in the prior quarter.
Annualized GDP was much stronger, rising 4.3% in the fourth quarter- more than expectations of 3.8%. But the reading also slowed from the 5.4% seen in the prior quarter.
Still, the Q4 data showed Singapore’s GDP grew 4% in 2024.
Singapore Prime Minister Lawrence Wong had flagged an annual GDP of over 4% in his New Years’ address on Wednesday.
While Singapore’s financial sector has remained robust, manufacturing has grappled with sustained headwinds from slowing overseas demand, especially in the electronics industry.
Singapore’s key non-oil exports steadily declined through most of 2024.
The country is also grappling with above-average inflation and rising housing prices, which have chewed into consumer spending.
