Singapore’s GDP grew significantly in the third quarter of 2024, increasing by 4.1% over the same period last year. Preliminary estimates from the Ministry of Trade and Industry (MTI) indicate that the manufacturing sector, which had recovered after two quarters of contraction, was primarily responsible for the increase.
This amount exceeds the 2.9% growth rate achieved in Q2 2024. On a seasonally adjusted quarterly basis, the economy expanded by 2.1%, above the previous quarter’s 0.4% growth.
The manufacturing sector expanded 7.5% yearly, reversing a 1.1% decline in the second quarter. Except for biomedical, all industrial clusters showed production growth, with a healthy 9.9% increase quarter on quarter. The construction sector grew by 3.1%, owing to increasing public sector activity.
Meanwhile, the wholesale, retail trade, transportation, and storage sectors all expanded by 3.5%, with retail trade remaining modest. Water and air transport drove growth in transportation and storage, while machinery and equipment in the wholesale trade increased. Singapore revised its annual GDP prediction in August to between 2% and 3%, citing strong early-year performance.
