MTI Singapore

In Q3 of 2024, the Singapore economy grew by 5.4% on a year-on-year basis, bringing GDP growth in the first three quarters to 3.8% year-on-year.
 
Taking into account the better-than-expected performance of the Singapore economy in the first three quarters of 2024, as well as the latest external and domestic situations, MTI has upgraded the 2024 GDP growth forecast for Singapore to “around 3.5 per cent”, from “2.0 to 3.0 per cent”.
 
Looking ahead to 2025, overall GDP growth in Singapore’s key trading partners is expected to ease slightly from 2024’s level. However, global economic uncertainties have risen. Domestically, the growth outlook for the manufacturing and outward-oriented services sectors remains positive.
 
Against this backdrop, and barring the materialisation of downside risks, the Singapore economy is expected to grow by “1.0 to 3.0 per cent” in 2025. 
 
Read the full report here: https://go.gov.sg/thirdquarterqes2024

In the second quarter of 2024, the Singapore economy grew by 2.9% on a year-on-year basis.
 
Since the last forecast in May, the growth of Singapore’s major trading partners has been largely in line with expectations. For the rest of 2024, growth in the US economy is projected to ease gradually, while China’s economy is projected to expand at a slightly slower pace. Growth in the Eurozone, Japan and key Southeast Asian economies is expected to improve gradually. Nevertheless, downside risks in the global economy remain.
 
Considering the performance of the Singapore economy in the second quarter, as well as the latest global and domestic economic situations, MTI has narrowed Singapore’s 2024 GDP growth forecast to “2.0 to 3.0 per cent”, from “1.0 to 3.0 per cent”.  
 
Download the full report here: www.mti.gov.sg/ess2Q24

In the first quarter of 2024, the Singapore economy grew by 2.7% on a year-on-year basis.
 
Since the last economic survey in February 2024, as the external economic environment has remained resilient. Due to tight financial conditions, GDP growth in the major economies is expected to taper gradually in the immediate quarters, before picking up alongside anticipated policy rate cuts later in the year. Nevertheless, downside risks in the global economy remain.
 
Considering the performance of the Singapore economy in the first quarter, as well as the latest global and domestic economic developments, MTI has maintained Singapore’s GDP growth forecast for 2024 at “1.0% to 3.0%”.
 
Download the full report here: www.mti.gov.sg/ess1Q24

Channel name was changed to «MTI Singapore»

MTI Committee of Supply (COS) Debate 2024

In the year ahead, MTI will continue to support local businesses and workers to stay competitive amidst global challenges and direct our efforts in four key strategies to build a vibrant economy for Singapore:
 
• Grow our economy;
• Unlock our resource potential;
• Transform our businesses; and
• Connect to strengthen our status as a global business node.
 
Find out more about #MTICOS2024 here: www.go.gov.sg/MTICOS2024

For the whole of 2023, the Singapore economy grew by 1.1%, slower than the 3.8% growth in 2022. In the fourth quarter of 2023, the economy expanded by 2.2% on a year-on-year basis, and 1.2% on a quarter-on-quarter seasonally-adjusted basis.

Since the last economic survey in November 2023, Singapore’s external demand outlook for 2024 has remained largely unchanged. Growth in the advanced economies is expected to moderate in the first half of the year, before recovering gradually in line with an expected easing of monetary policy as inflationary pressures recede. Meanwhile, regional economies are expected to see a pickup in growth, supported in part by the turnaround in global electronics demand. However, downside risks in the global economy remain significant.

Taking into account the global and domestic economic environment, MTI has maintained Singapore’s GDP growth forecast for 2024 at “1.0% to 3.0%”.

Read the full report here: https://go.gov.sg/jxd35c