In the fourth quarter of 2023, Singapore's gross domestic product (GDP) experienced a seasonally adjusted growth of 1.2%, as reported by the Ministry of Trade and Industry on Thursday. This growth was slightly less than the predicted increase of 1.7%, and represents a deceleration from the third quarter's 1.3% growth.
When considered on an annualized basis, the GDP grew by 2.2%. This falls short of the expected 2.8% increase, but shows an improvement from the 1.0% increase observed the previous quarter.
For the entirety of 2023, Singapore's GDP saw an increase of 1.1%, a considerable slowdown compared to the 3.8% growth observed the year before.
In light of this data, the Ministry of Trade and Industry has chosen to maintain its projected GDP growth range of 1.0 to 3.0% for Singapore.
