News > Singapore holds 2024 GDP growth forecast at 1-3pc; Q1 economy expands by 2.7pc

Singapore holds 2024 GDP growth forecast at 1-3pc; Q1 economy expands by 2.7pc

23/05/2024 05:14 PM | Click to read full article

Several economists had anticipated the growth to be around 2.5%. But the final numbers have exceeded the projections. The economy grew 4.1 per cent year-on-year (YoY) in the third quarter of 2022. GDP growth in Q1 2024 was mainly driven by the finance and insurance, transportation and storage, and wholesale trade sectors, according to the Ministry of Trade and Industry (MTI).  The finance and insurance sector saw a 6.5% YoY increase.

-