Singapore’s economy experienced a 2.8% year-on-year growth in the final quarter of 2023, contributing to an overall 1.2% expansion for the entire year.
Singapore’s Gross Domestic Product (GDP) demonstrated resilience, growing by 2.8% year-on-year in the fourth quarter of 2023, surpassing the 1.0% growth observed in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 1.7%, building on the 1.3% growth in the third quarter. For the entirety of 2023, the economy registered a 1.2% growth, a moderation from the robust 3.6% growth in 2022.
The manufacturing sector led the growth charge, expanding by 3.2% year-on-year in Q4 2023, rebounding from a 4.7% contraction in the preceding quarter. The construction sector also posted a robust performance, growing by 9.1% year-on-year in the fourth quarter. Both public and private construction output contributed to this growth. Meanwhile, the services sectors, including wholesale & retail trade, transportation & storage, information & communications, finance & insurance, and professional services, collectively grew by 1.5% year-on-year in Q4 2023.
On the flip side, the wholesale & retail trade and transportation & storage sectors contracted by 1.4% on a quarter-on-quarter seasonally-adjusted basis in the fourth quarter, reflecting a pullback from the 0.6% growth in the previous quarter. The remaining group of services sectors, including accommodation & food services, real estate, administrative & support services, and other services, grew by 2.0% year-on-year in Q4 2023.
The information & communications, finance & insurance, and professional services sectors within this group expanded by 3.9% year-on-year in the fourth quarter, outpacing the 2.5% growth in the previous quarter. Preliminary GDP estimates for Q4 2023 and the entire year, covering sectors, sources of growth, inflation, employment, and productivity, will be released in the Economic Survey of Singapore in February 2024.
Source – MTI
