Singapore economy grew by 3% year-on-year
Singapore’s economy grew 3% year-on-year (YoY) in the first half of 2024, with a slight slowdown to 2.9% growth in Q2 compared to Q1. The expansion was supported by the wholesale trade, finance & insurance, and information & communications sectors, while the manufacturing sector contracted, particularly in biomedical manufacturing due to decreased pharmaceuticals output. Consumer-facing sectors also shrank due to increased outbound travel.
Singapore economy
The Ministry of Trade and Industry (MTI) has adjusted its GDP growth forecast for 2024 to 2% to 3%, up from the previous 1% to 3%. The MTI expects resilient external demand but warns of potential global economic risks from geopolitical and trade tensions, which could impact global trade and financial conditions. The manufacturing sector is anticipated to recover gradually, with strong performance expected in electronics and chemicals, though biomedical manufacturing may continue to struggle.
Key global economic partners show mixed results: the US faces slower growth, Europe is projected to improve, and China’s growth is expected to slow but may stabilize due to government support. Southeast Asia is predicted to see slight GDP growth due to recovering global electronics and tourism demand.
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