MTI: Singapore's Economy Grew At A Stronger Pace of 2.7 Pct In 1Q

SINGAPORE, May 23 (Bernama) -- Singapore’s economy grew by 2.7 per cent year-on-year (y-o-y) in the first quarter (1Q) of 2024, extending the 2.2 per cent expansion in the previous quarter, according to the republic’s Ministry of Trade and Industry (MTI).

MTI, in a statement in conjunction with the release of the First Quarter 2024 Economic Survey of Singapore report on Thursday, said the growth was primarily driven by the finance and insurance, transportation and storage, and wholesale trade sectors.

On a quarter-on-quarter (q-o-q) seasonally-adjusted basis, the economy expanded by 0.1 per cent, moderating from the 1.2 per cent growth in the preceding quarter.

MTI said 2024 growth forecast for Singapore is maintained at 1.0 to 3.0 per cent, taking into account the performance of its economy in the first quarter, as well as the latest global and domestic economic developments.

Among the sectors, the manufacturing sector contracted by 1.8 per cent y-o-y in 1Q 2024, a reversal from the 1.4 per cent growth in the previous quarter, mainly due to output declines in the biomedical manufacturing, electronics and general manufacturing clusters.

Meanwhile, the accommodation sector grew by 14.4 per cent y-o-y, accelerating from the 1.5 per cent expansion in the preceding quarter, bolstered by a strong recovery in international visitor arrivals.

-- BERNAMA