According to preliminary estimates released by the Ministry of Trade and Industry ( MTI ) on Thursday ( Jan 2 ), Singapore’s economy increased at a slower rate in the last quarter of 2024, growing 4.3 % compared to the same period last year.
In the second quarter, the business grew 5.4 per cent.
For the whole time, but, GDP growth stood at 4 per cent for 2024, faster than the 1.1 per share reported in 2023.  ,
Economic growth in 2024 was above aspirations, Prime Minister Lawrence Wong said in his New Year text, adding that , most staff in Singapore received wage rises that outpace inflation.
In November, Singapore , upgraded its socioeconomic development estimates to around 3.5 per share, above the range of its previous forecast.
In the third quarter, the construction industry grew by 5.9 per share, and the wholesale and retail trade business, together with the transportation and storage business, grew 5.6 per share.
On a quarter-on-quarter seasonally-adjusted base, the business expanded by 0.1 per share, less than the 3.2 per share reported in the fourth quarter.  ,
Advance quotes are generally based on data from the first two weeks of the third, in this case, in October and November. They are intended as a preliminary sign, and they may be updated as needed.