SINGAPORE, May 23 — Singapore's economy grew 2.7 per cent on a year-on-year basis in the first quarter of 2024, government data showed today, matching a preliminary estimate of 2.7 per cent released last month.
Economists surveyed by Reuters had forecast annual gross domestic product (GDP) growth would come in at 2.5 per cent in the first quarter. On a quarter-on-quarter seasonally adjusted basis, GDP expanded 0.1 per cent in the January to March period, in line with a preliminary estimate of 0.1 per cent growth.
The trade ministry maintained its GDP growth forecast for 2024 at 1.0 per cent to 3.0 per cent.
While inflation has fallen from its peak of 5.5 per cent in early 2023, it remains stubborn amid slowing economic growth and had reached a seven-month high in February.
For the whole of 2023, GDP grew 1.1 per cent, slower than the 3.8 per cent in 2022.
Non-oil exports for the trade-reliant economy have been falling, with an annual 9.3 per cent contraction in April and a 20.8 per cent contraction in March.
The Asian financial hub has just had its first leadership change in two decades, with Lawrence Wong taking over as Prime Minister last week. In his inauguration speech, Wong said he was taking over at a challenging time globally.
"As an open economy, our livelihoods will be hit when multilateralism fractures," he said.
The central bank left monetary policy settings unchanged at a policy review in April. The next policy review is due in July.
— Reuters
