Singapore raises forecast for 2024 economic growth to around 3.5%
With economic growth in the third quarter of this year exceeding the projected rate, Singapore has raised its growth forecast for the whole year 2024 to around 3.5%.
A corner of Singapore. Photo courtesy of Photo: philstar.com
According to data released by the Ministry of Trade and Industry (MTI) on Friday, Singapore's economy grew 5.4% in the third quarter of this year, up from the advanced estimates of 4.1%.
The island state's economic growth in the third quarter was mainly supported by manufacturing industry (up 11%), wholesale trade with major partners such as the U.S. and Europe; finance, insurance and partly thanks to ongoing recovery in global electronics demand.
This figure brings the average growth rate of the first nine months of the year to 3.8%.
With this result, Singapore forecasts that its economic growth will reach about 3.5% in 2024, higher than the previously announced forecast of 2-3%.
However, MTI forecasts growth in 2025 to be at 1-3% due to unpredictable factors of the global economy.
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