SINGAPORE: Singapore on Friday ( Nov 22 ) upgraded its economic growth forecast for 2024 to around 3.5 per cent, above the range of its previous prediction.
In August, the , Ministry of Trade and Industry ( MTI ) narrowed the gross domestic product ( GDP ) growth forecast to 2 per cent to 3 per cent.
MTI upgraded the projection after taking into account the “better-than-expected performance” of the Singapore economy in the first three rooms of the year, as well as the latest international and local conditions.  ,
GDP growth for the first three quarters of the year was 3.8 % higher than that of the previous month.
Next time, the government is expecting Singapore’s GDP growth to occur in between 1 per share and 3 per share.
MTI even revised the third-quarter GDP numbers to 5.4 per cent, away from the , advanced estimates , of 4.1 per share.
This is also higher than , the 3 per cent rise recorded in the second quarter, which was also revised forward from 2.9 per share.
On a quarter-on-quarter seasonally adjusted base, Singapore’s market grew by 3.2 per share, accelerating from the 0.5 per cent rise in the previous quarter.
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On balance, Singapore’s total additional demand perspective is expected to remain adaptable for the rest of 2024, said the government.
These should help rise in Singapore’s production sector as well as outward-focused services sectors like the retail trade sector, according to MTI, in conjunction with the continuous recovery in global electronics demand.
On the other hand, the outlook for tourism-related and consumer-facing areas such as the hotel, wholesale trade and meal &, drink services sectors has weakened given the slower-than-expected treatment in international visitor arrivals and weak holiday spending.
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Manufacturing, retail trade and financing and insurance boosted GDP growth in the fourth quarter, MTI said. These industries were bolstered in part by the global technology sector’s recovery.
In particular, manufacturing saw an increase of 11 % in the third quarter of last year. In the second quarter of this year, it decreased by 1 %.
The sector’s various clusters increased, but the technology field experienced strong growth, led by the demand for smartphones and PC semiconductor chips.
On a quarter-on-quarter seasonally adjusted basis, the business grew 13.5 per share, a turnaround from the 1.1 per cent downturn in the second quarter.