23 May 2024. The Ministry of Trade and Industry (MTI) announced today that Singapore’s GDP growth forecast for 2024 has been maintained at “1.0 to 3.0 per cent”.

Economic Performance in First Quarter 2024

In the first quarter of 2024, the Singapore economy grew by 2.7 per cent on a year-on-year basis, extending the 2.2 per cent expansion in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 0.1 per cent, moderating from the 1.2 per cent growth in the preceding quarter. 

On a year-on-year basis, GDP growth in the first quarter was primarily driven by the finance & insurance, transportation & storage and wholesale trade sectors.

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Economic Survey of Singapore First Quarter 2024

Ministry of Trade and Industry
23 May 2024