SGAPY - Singapore Outpaces Expectations With Strong Q4 Growth In 2023 | Benzinga
Singapore’s economy accelerated in Q4 2023, outperforming economists’ predictions largely due to the progress in the construction and manufacturing sectors.
What Happened: As reported by Reuters, Singapore’s economy grew by 2.8% year-on-year during the fourth quarter, with the construction and manufacturing sectors playing a significant role in this growth.
This figure outshone the 1% increase recorded in Q3 2023. Throughout 2023, the economy expanded by 1.2%, a decrease from the 3.6% growth in 2022.
OCBC’s Selena Ling and Maybank’s Chua Hak Bin, both economists, acknowledged that the Q4 growth exceeded their forecasts. Ling had predicted a 1.8% expansion, and Chua had forecasted a 2.5% growth. “Green shoots are sprouting in exports and manufacturing, brightening the outlook for 2024,” Chua commented, anticipating a GDP growth of 2.2% in 2024. Ling’s 2024 forecast aligns with the trade ministry’s projections, predicting growth between 1% ...