SINGAPORE – Singapore’s economy expanded by a better-than-expected 5.4 per cent in the third quarter of 2024 compared with the same period in 2023, leading the Government to raise its growth forecast for 2024.
The third-quarter growth beat both the official advanced estimate of 4.1 per cent and the upwardly revised 3 per cent expansion in the second quarter.
“Growth in the third quarter was primarily driven by the manufacturing, wholesale trade and finance & insurance sectors, which were bolstered in part by the upturn in the global electronics cycle,” said Dr Beh Swan Gin, Permanent Secretary, Ministry of Trade & Industry (MTI), on Nov 22.