Singapore's economic system grew four% in 2024, surging forward of 2023's +1.three%

Singapore GDP This autumn 2024 +four.three% y/y

• anticipated +three.three%, earlier +5.four%

+Zero.1% q/q

• anticipated
  -Zero.four%, prior +three.2%

• Financial Progress:

  • Singapore’s economic system grew by four.Zero% in 2024, a major improve from the 1.1% development in 2023, in line with preliminary authorities knowledge.
  • Within the fourth quarter, GDP expanded by four.three% year-on-year, surpassing economists’ median forecast of three.three%. This acceleration augers effectively for the quarters forward.
  • On a quarter-on-quarter foundation (seasonally adjusted), GDP rose Zero.1% within the October-December interval.

• Inflation Developments:

  • November’s annual inflation fee of 1.9% was the bottom in almost three years, creating potential scope for financial coverage easing.
  • Analysts counsel the central financial institution could wait till later in 2025 to regulate coverage, relying on the influence of the incoming U.S. administration’s insurance policies.

• Financial Coverage:

  • The Financial Authority of Singapore (MAS) held its coverage regular in the course of the October evaluation, given bettering financial exercise.
  • MAS’s subsequent coverage evaluation is scheduled for this month, 31 January 2025.

This text was written by Aaron Cutchburt at www.ubaidahsan.com.



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