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S'pore's GDP grew by 4% in 2024: Advance estimates
PM Wong said he expects real incomes to rise further with the strong economy.
January 02, 2025, 06:38 PM
Singapore's gross domestic product (GDP) saw a growth of 4 per cent in 2024, up from 1.1 per cent in 2023, the Ministry of Trade and Industry (MTI) said in a Jan. 2 release.
This marks Singapore's fourth consecutive year of GDP growth after the economy shrank in 2020.
Based on advance estimates, the four per cent growth exceeded the 3.5 per cent figure predicted by MTI in November.
Image from MTI.
On a year-on-year basis, 2024 Q4 saw a 4.3 per cent growth.
MTI said the economy grew 0.1 per cent in Q4 compared to Q3.
This was slower than Q3's quarter-on-quarter expansion of 3.2 percent.
Construction, manufacturing sectors saw strong growth
The manufacturing sector grew by 4.2 per cent in the fourth quarter of 2024, compared to 1.4 per cent in the same period of 2023.
Growth was driven by output expansions in the electronics and transport engineering clusters, said MTI.
As a whole, manufacturing grew 3.5 per cent in 2024, after the sector contracted in 2023.
The construction sector saw a growth of 5.9 per cent due to an increase in public sector construction output, up from 4.7 per cent in the previous quarter.
Taking into account the entire year, the construction sector grew by 4.8 per cent.
Service industries grew more than in 2023
Image from MTI
In Q4, the service industries grew 4.3 per cent year-on-year, an increase from the 4 per cent recorded in Q3, MTI said.
The sector saw a growth of 4.1 per cent for the full year, up from 2.3 per cent in 2023.
The biggest contributor to this was the wholesale and retail trade, as well as the transportation and storage sectors, which collectively grew by 5.6 per cent in Q4, exceeding the 5.2 per cent growth in the previous quarter.
2024 GDP growth exceeded expectations: PM Wong
MTI has projected that Singapore's GDP will grow by 1 to 3 per cent in 2025.
In his first New Year's message, Prime Minister Lawrence Wong also referenced the Singapore economy's 4 per cent growth in 2024 and said it exceeded expectations.
PM Wong also noted that Singaporean workers' wages had outpaced inflation, with median incomes rising 2.2 per cent per annum above inflation in the past decade.
“With the strong economy, I expect real incomes to rise further.”
Top image from Canva
