Singapore’s economy grew 4 percent in 2024, comfortably beating forecasts, according to preliminary government figures.
Gross domestic product (GDP) expanded 4.3 percent in the October-December period, Singapore’s Ministry of Trade and Industry said on Thursday, lifting full-year growth to its strongest performance since 2011, excluding the post-COVID-19 pandemic rebound in 2021.
Officials in the Southeast Asian nation had in November forecast growth for the year at about 3.5 percent.
Manufacturing, a major driver of the city-state’s export-reliant economy, expanded 4.2 percent in the last quarter, while construction and services grew 5.9 percent and 4.3 percent, respectively.
In a New Year’s message, Singapore Prime Minister Lawrence Wong said most workers had seen their wages outpace inflation and could expect to see their incomes continue to rise.
“Unlike in many developed countries, we are not plagued by unemployment and stagnant wages,” Wong said.
Wong, however, acknowledged that Singapore’s economy was not immune from geopolitical tensions, such as the wars in the Middle East and Ukraine.
“Across many countries, cost of living pressures continue to weigh heavily on families and communities. People feel a deep sense of angst and anxiety about the future,” he said.
Singapore’s Trade Ministry in November said it expected growth of between 1 and 3 percent in 2025.
