Singapore’s economy grew 2.9 percent in the second quarter of 2024, amid ongoing global economic uncertainties, political tension and tight financial conditions. The GDP growth forecast has been narrowed to 2.0 to 3.0 percent, from 1.0 to 3.0 percent, reflecting a cautious optimism in the country’s economic resilience.

Key positive contributors to GDP growth in the first half of 2024 included information and communications, transportation and storage sectors along with finance and insurance sectors. The construction sector delivered a 3.8 percent year-on-year growth in the second quarter of 2024, extending the 4.1 percent growth in the earlier quarter, underpinned by robust public and private sector construction activities.

Singapore’s GDP growth in 2024 is expected to be bolstered by the manufacturing sector, alongside a continued recovery in the tourism industry.

Source: Ministry of Trade and Industry Singapore