Singapore’s economy beats expectations in Q4 2024

Singapore’s economy beat expectations in Q4 2024, according to data from the Singapore Ministry of Trade and Industry.

The data showed that the Singaporean economy grew by 4.3% of its gross domestic product (GDP) year-on-year in the fourth quarter, compared to expectations of 3.8% growth after 5.4% growth in the third quarter.

The Ministry of Trade and Industry explained that the economy rose slightly by 0.1% after a strong growth of 3.2% in the third quarter, but despite that, Singapore’s overall economic growth rate last year was 4% compared to 1.1% growth in 2023.

It indicated that the housing price inflation rate last year declined, while prices rose by 3.9% year-on-year last year, compared to 6.8% in the previous year, and 8.6% in 2022.