Singapore economic system grows 4%, beating forecasts

Singapore Prime Minister Lawrence Wong says most staff have seen wages outpace inflation.

Singapore’s economic system grew 4 % in 2024, comfortably beating forecasts, in line with preliminary authorities figures.

Gross home product (GDP) expanded 4.3 % within the October-December interval, Singapore’s Ministry of Commerce and Business mentioned on Thursday, lifting full-year progress to its strongest efficiency since 2011, excluding the post-COVID-19 pandemic rebound in 2021.

Officers within the Southeast Asian nation had in November forecast progress for the 12 months at about 3.5 %.

Manufacturing, a significant driver of the city-state’s export-reliant economic system, expanded 4.2 % within the final quarter, whereas building and providers grew 5.9 % and 4.3 %, respectively.

In a New Yr’s message, Singapore Prime Minister Lawrence Wong mentioned most staff had seen their wages outpace inflation and will count on to see their incomes proceed to rise.

“In contrast to in lots of developed international locations, we’re not suffering from unemployment and stagnant wages,” Wong mentioned.

Wong, nonetheless, acknowledged that Singapore’s economic system was not immune from geopolitical tensions, such because the wars within the Center East and Ukraine.

“Throughout many international locations, value of residing pressures proceed to weigh closely on households and communities. Individuals really feel a deep sense of angst and nervousness in regards to the future,” he mentioned.

Singapore’s Commerce Ministry in November mentioned it anticipated progress of between 1 and three % in 2025.