Singapore’s economy has experienced a slight slowdown, with its GDP growth rate dropping to 2.9% in the second quarter of 2024, according to the latest data updated on July 12, 2024. This marks a modest decrease from the 3.0% growth recorded in the first quarter of the year.
The updated figures reflect a year-over-year comparison, revealing that while the positive growth trajectory continues, the rate of increase has tapered off slightly. This comparison involves analyzing the change of GDP for the second quarter of 2024 against the same quarter in the previous year.
Industry analysts are keeping a close eye on these developments, identifying both global economic pressures and domestic factors that may have influenced this trend. Stakeholders are hopeful that strategic economic policies and global economic recovery will contribute to a potential rebound in the subsequent quarters.
