Singapore’s economy has grown at an annualized rate of 4.1% in the third quarter of 2024, preliminary data by Statistics Singapore showed.
The figure followed a 2.9% YoY growth in the second quarter.
In Q3, economic growth was mostly underpinned by a 6.6% expansion in Singapore’s goods producing industries. The manufacturing sector grew 7.5% YoY, while the construction sector – 3.1% YoY.
Meanwhile, the services sector registered a 3.3% YoY growth in Q3. Within services, the main positive contributions came from:
– wholesale & retail trade and transportation & storage (3.5% YoY in Q3);
– information & communications, finance & insurance and professional services (4.3% YoY);
– accommodation & food services, real estate, administrative & support services and other services (1% YoY).
In quarterly terms, the city-state’s economy grew 2.1% in the third quarter.
The Singaporean Dollar was 0.28% weaker on the day against its US counterpart, with the USD/SGD currency pair last trading at 1.3084.
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