SINGAPORE, Feb 14 — Singapore’s economy grew 5.0 per cent in the fourth quarter of 2024 from a year earlier, government data showed on Friday, higher than an official advance estimate of 4.3 per cent released last month.
On a quarter-on-quarter, seasonally-adjusted basis, gross domestic product (GDP) expanded 0.5 per cent in the October-December period, compared with an advance estimate of 0.1 per cent growth.
The data showed that full-year 2024 economic growth was 4.4 per cent, accelerating from a revised 1.8 per cent growth rate in 2023.
The trade ministry maintained its GDP growth forecast for 2025 at 1.0 per cent to 3.0 per cent, and said the external demand outlook for 2025 remained broadly unchanged although there were risks.
“Uncertainties in the global economy remain significant, with the risks tilted to the downside,” the ministry said in a report, pointing to trade frictions and ongoing geopolitical conflicts, which could lead to higher production costs.
Last month, the Monetary Authority of Singapore loosened policy settings, saying it expected inflation and growth to be slower than initially forecast for this year.
The annual core inflation rate eased to a three-year low of 1.8 per cent in December.
At its January policy review, the central bank said GDP was expected to grow “at a slower pace” of 1 per cent to 3 per cent in 2025, and reduced its core inflation forecast for this year to 1.0 to 2.0 per cent from a previous 1.5 per cent to 2.5 per cent.
— Reuters
