Singapore's economic system grew 2.2% within the fourth quarter, slower than forecast – The Gentleman Report | World | Business | Science | Technology | Health
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Singapore's economic system grew 2.2% within the fourth quarter, slower than forecast

Singapore's economic system grew 2.2% within the fourth quarter, slower than forecast
February 15, 2024



A basic view of the skyline of the Singapore Central Industry District, the Marina Bay Sands, the ArtScience Museum and the seating platform at Marina Bay on August 1, 2015 in Singapore.Suhaimi Abdullah | Getty ImagesSINGAPORE — Singapore’s economic system grew 2.2% year-on-year within the fourth quarter ultimate 12 months, legitimate knowledge on Thursday confirmed, falling in need of each the improvement estimates of a 2.8% expansion and Reuters’ expectancies of a 2.5% expansion.The studying, on the other hand, marks a pointy building up from the 1% expansion within the earlier quarter.On a quarter-on-quarter seasonally-adjusted foundation, Singapore’s economic system expanded 1.2% within the fourth quarter, relatively higher than the 1% expansion within the 3rd quarter, in step with the Ministry of Business and Business.At the complete, the Singapore economic system grew 1.1% in 2023, slower than the three.8% enlargement in 2022. The expansion in 2023 used to be in large part pushed by means of data and communications and transportation and garage sectors.The GDP expansion forecast for 2024 used to be maintained at 1% to three%, the ministry stated.Expansion within the data and communications sector got here in at 4.7% year-on- 12 months, slower than the 6% expansion within the previous quarter, whilst the finance and insurance coverage sector grew 5.4% year-on-year, quicker than the two.5% expansion within the earlier quarter.Singapore’s economic system is anticipated to support this 12 months, barring additional international shocks, the Financial Authority of Singapore stated in its January forecast. It is a creating tale. Please test again for updates.

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