Singapore's gross domestic product (GDP) expanded by 5.4% year-on-year in the third quarter of 2024, as reported by the Ministry of Trade and Industry on Friday. This marks an acceleration from the 3.0% growth observed in the preceding three months.
On a quarterly basis, adjusted for seasonal variations, the economy experienced a growth of 3.2%, which is a notable increase compared to the 0.5% expansion recorded in the previous quarter.
For the first nine months of the year, the average GDP growth rate stood at 3.8% compared to the same period last year.
Following the release of these figures, the Ministry shared that it anticipates Singapore's GDP growth to approximate 3.5% for the entirety of 2024. Looking ahead to 2025, the growth is projected to range between 1.0% and 3.0%.
