Singapore Sees 2.7% GDP Growth in Q1 2024
According to advance estimates released by the Singapore Ministry of Trade and Industry (MTI) on April 12, 2024, Singapore’s economy grew by 2.7% year-on-year in Q1 2024, exceeding the 2.2% growth in the previous quarter. Quarter-on-quarter, there was a 0.1% expansion, continuing the 1.2% growth from Q4 2023.
These preliminary gross domestic product estimates are mainly based on data collected in the first two months of the quarter, specifically January and February. They offer an initial insight into the quarter’s GDP growth and may be revised as more comprehensive data becomes available, as noted by MTI.
Here is a concise overview of the performance across various sectors:
1. Manufacturing Sector:
- Year-on-year growth: 0.8%
- Sectoral contraction: 2.9% quarter-on-quarter
- Notable expansions in chemicals, precision engineering, and transport engineering; contractions in electronics, biomedical manufacturing, and general manufacturing.
2. Construction Sector:
- Year-on-year growth: 4.3%
- Sectoral contraction: 1.7% quarter-on-quarter
- Growth was sustained by public sector construction even as private sector output declined.
3. Services Sectors (Wholesale & Retail Trade, Transportation & Storage):
- Year-on-year growth: 2.7%
- Sectoral expansion: 1.4% quarter-on-quarter
- Strong growth driven by machinery, equipment & supplies, and water and air transport segments.
4. Information & Communications, Finance & Insurance, Professional Services Sectors:
- Year-on-year growth: 4.2%
- Sectoral contraction: 4.2% quarter-on-quarter
- Notable expansions in IT, digital solutions, banking, and professional services segments.
5. Remaining Services Sectors (Accommodation & Food Services, Real Estate, Administrative & Support Services):
- Year-on-year growth: 2.9%
- Sectoral expansion: 2.2% quarter-on-quarter
- Robust growth in accommodation sector due to a recovery in international visitor arrivals.
The preliminary GDP estimates for Q1 2024 will be detailed in the Economic Survey of Singapore in May 2024.
