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Singapore GDP Q4 2023

Singapore: GDP growth records quickest expansion in over a year in Q4

GDP growth improved to 2.8% year on year in the fourth quarter, according to an advance release, from 1.0% in the third quarter. Q4’s reading was the strongest since Q3 2022. On a seasonally adjusted quarter-on-quarter basis, economic growth picked up to 1.7% in Q4 from the previous period’s 1.3% expansion. Q4’s reading marked the best result in two years.

Looking at the details of the release, the industrial sector grew 3.7% annually in the fourth quarter, contrasting the third quarter’s 3.2% decrease. The improvement was spearheaded by a rebound in manufacturing output and stronger growth in the construction sector. In addition, the services sector gained steam, expanding 2.4% in Q4 (Q3:+2.3% yoy) thanks to improving activity in the wholesale and retail trade and information, finance and professional services subsectors.

Analysts at the EIU commented on the outlook:

“The economy will be driven by a stabilisation in external trade, but private consumption will achieve slower growth in 2024. Even as EIU anticipates lighter inflationary pressure and decreasing interest rates in 2024, both will remain elevated compared to pre-pandemic levels. Household incomes will also be affected by domestic tax policies, including anticipated increases in goods and services tax, carbon tax and water prices. As a result, discretionary spending will be reduced as consumers allocate more of their budgets to essential products.”

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