SINGAPORE: In response to better-than-expected results in the first half of the year, the Ministry of Trade and Industry (MTI) announced on Tuesday, August 13, that Singapore has lowered its GDP growth estimate for 2024 to between 2 and 3 percent.
Before the current year, the estimate ranged from 1 to 3 percent, and Singapore’s GDP grew by an average of 3 percent during the first half of the year in comparison to the prior year.
According to MTI, Singapore’s economy grew by 2.9% in the second quarter, which was marginally less than the 3.0% growth seen in the first quarter and in line with its advance estimates given last month. In a Reuters survey, economists predicted 2.7% growth in the upcoming quarter.
According to MTI, the wholesale trade, finance and insurance, and information and communication sectors were the main drivers of growth in the second quarter.
The manufacturing sector shrank, mostly due to a decline in pharmaceutical output in the biomedical manufacturing cluster. This countered the electronics cluster’s growth, which was bolstered by robust demand for chips related to artificial intelligence, PCs, and smartphones.
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