SINGAPORE: In Q3 2024, Singapore’s economy grew by 4.1% compared to last year, boosted by a recovery in manufacturing after two quarters of decline.
This growth surpassed the 2.9% seen in Q2 2024, as per the Ministry of Trade and Industry’s advance estimates released on Oct 14.
Quarter-on-quarter, the economy increased by 2.1%, an improvement from 0.4% in Q2.
These preliminary GDP estimates are based on data from July and August and may be adjusted later.
In August, Singapore revised its GDP growth forecast to 2% to 3% for the year, following strong performance in the first half. Previously, the forecast was 1% to 3%.
`
