In 1Q2024, Singapore's economy grew by 2.7% y-o-y, extending the 2.2% expansion in the previous quarter. This was primarily driven by the finance and insurance; transportation and storage; as well as wholesale trade sectors.
The Ministry of Trade and Industry (MTI) is keeping Singapore’s gross domestic product (GDP) growth forecast for 2024 at 1% to 3%.
This takes into account the performance of the Singapore economy in the first quarter of the year, as well as latest global and domestic economic developments, the ministry said in a statement.
