Singapore economy grows 4%, beating forecasts
Al Jazeera
Singapore Prime Minister Lawrence Wong says most workers have seen wages outpace inflation.
Singapore’s economy grew 4 percent in 2024, comfortably beating forecasts, according to preliminary government figures.
Gross domestic product (GDP) expanded 4.3 percent in the October-December period, Singapore’s Ministry of Trade and Industry said on Thursday, lifting full-year growth to its strongest performance since 2011, excluding the post-COVID-19 pandemic rebound in 2021.
Officials in the Southeast Asian nation had in November forecast growth for the year at about 3.5 percent.
Manufacturing, a major driver of the city-state’s export-reliant economy, expanded 4.2 percent in the last quarter, while construction and services grew 5.9 percent and 4.3 percent, respectively.
In a New Year’s message, Singapore Prime Minister Lawrence Wong said most workers had seen their wages outpace inflation and could expect to see their incomes continue to rise.
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