Singapore’s economy grew by 4.0% in 2024, recovering from a modest 1.1% expansion in 2023, as manufacturing activity contracted and services growth decelerated. Preliminary data indicated a 4.3% increase in GDP for Q4 2023, exceeding the expected 3.3% in a Reuters poll. Quarter-on-quarter, GDP rose 0.1% in the last three months of 2023. November’s annual inflation rate was 1.9%, the lowest in nearly three years, potentially allowing for monetary policy easing. The Monetary Authority of Singapore opted to maintain policy in October and will review it again before the end of January.
