By Bing Hong Lok
SINGAPORE (Reuters) – Singapore’s economy grew 5.0% in the fourth quarter of 2024 from a year earlier, government data showed on Friday, higher than an official advance estimate of 4.3% released last month.
On a quarter-on-quarter, seasonally-adjusted basis, gross domestic product (GDP) expanded 0.5% in the October-December period, compared with an advance estimate of 0.1% growth.
Full-year 2024 economic growth was 4.4%, accelerating from a revised 1.8% growth rate in 2023, the data showed.
The trade ministry maintained its GDP growth forecast for 2025 at 1.0% to 3.0%, and said the external demand outlook for 2025 remained broadly unchanged although there were risks.”Uncertainties in the global economy remain significant, with the risks tilted to the downside,” the ministry said in a report, pointing to trade frictions and ongoing geopolitical conflicts which could lead to higher production costs.
Last month, the Monetary Authority of Singapore loosened policy settings, saying it expected inflation and growth to be slower than initially forecast for this year.
The annual core inflation rate eased to a three-year low of 1.8% in December.
At its January policy review, the central bank said GDP was expected to grow “at a slower pace” of 1% to 3% in 2025, and reduced its core inflation forecast for this year to 1.0 to 2.0% from a previous 1.5% to 2.5%.
(Reporting by Bing Hong Lok; Editing by John Mair)
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