In 2024, Singapore’s GDP is still expected to expand by 2.4%, unchanged from the previous survey. However, in this survey, market watchers now expect the country’s GDP growth to be led by the finance & insurance sector with a 5.1% y-o-y growth, from 3.4% previously. The previous survey pegged the manufacturing sector as the one leading Singapore’s GDP growth with a 4.0% y-o-y growth. In this survey, the manufacturing sector is now expected to expand by 1.6% y-o-y.
The Singapore economy is expected to grow by 2.7% y-o-y in 2Q2024, according to market watchers polled by the Monetary Authority of Singapore (MAS). The estimate comes after Singapore’s GDP expanded by 2.7% y-o-y in the 1Q2024, slightly above the median forecast of 2.6%.
The MAS survey of professional forecasters for the month of June was released on June 12. The June survey was sent to 26 economists and analysts; the report reflects the views of the 20 who responded.
