Singapore’s economy grows by 4%, exceeding expectations Business and economics

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

Singapore’s economy grew by 4 per cent in 2024, comfortably beating expectations, according to preliminary government figures.

GDP grew by 4.3 per cent in the October-December period, taking full-year growth to its strongest performance since 2011, excluding a post-Covid-19 rebound in 2021, Singapore’s Ministry of Trade and Industry said on Thursday.

In November, officials in the Southeast Asian country expected growth for this year of about 3.5 percent.

Manufacturing, the main driver of the city-state’s export-reliant economy, expanded 4.2 percent in the latest 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 exceed inflation and could expect their incomes to continue to rise.

“Unlike many developed countries, we do not suffer from unemployment and stagnant wages,” Wong said.

However, Wong acknowledged that Singapore’s economy is not immune from geopolitical tensions, such as wars in the Middle East and Ukraine.

“In many countries, cost of living pressures continue to weigh heavily on families and communities. “People feel a deep sense of anxiety and anxiety about the future,” he added.

Singapore’s Ministry of Commerce said in November that it expects growth of between 1 and 3 percent in 2025.