Singapore’s Economy Thrives with 2.7% Growth in Q1 2024, Sector-wise Analysis Reveals

In the first quarter of 2024, Singapore’s economy experienced growth, expanding by 2.7% year on year. This was an improvement from the 2.2% growth seen in the previous quarter, as reported by the Ministry of Trade and Industry. The manufacturing sector showed a slight moderation in growth, with an increase of 0.8% year on year compared to the previous quarter’s 1.4%.

The output expansions in sectors such as chemicals, precision engineering, and transport engineering outweighed the contractions in sectors like electronics, biomedical manufacturing, and general manufacturing. The construction sector also saw growth, expanding by 4.3% year on year due to public construction projects. Additionally, the services sector recorded a growth of 3.2% in the first quarter, up from 2.3% in the previous quarter. These positive indicators suggest a healthy and growing economy in Singapore.