Singapore's Economy Grows 4.6%, Falls Short of Forecast

Singapore's economy grew slower than expected in the first quarter of 2024. Preliminary government data shows Gross Domestic Product (GDP) increased by 4.6% compared to the same period last year. This growth missed the 5.9% forecast by economists. The Ministry of Trade and Industry released the advance estimates on Friday. On a quarterly basis, the economy expanded by 2.7%. This signals continued growth momentum from the previous quarter. The manufacturing sector was a key driver, growing by 14.6% year-on-year. This strong performance was led by electronics and precision engineering clusters. The services sector also expanded, but at a more moderate pace. Growth was supported by finance, insurance, and wholesale trade. The advance GDP estimates are based on data from the first two months of the quarter. They are intended as an early indicator of economic performance. More comprehensive data will be released next month.