The statement comes after the Ministry of Trade and Industry (MTI) said that Singapore’s 3Q2024 GDP expanded by 2.1% q-o-q, accelerating from the average of 0.4% in the first half of the year. Based on the MTI’s advanced estimates, Singapore’s economy grew stronger than expected underpinned by a step-up in manufacturing output, particularly in the electronics industry. Activity also picked up in the modern services cluster.
Singapore should still see growth in the rest of 2024 due to the ongoing upswing in the electronics and trade cycles as well as the easing in global financial conditions, says the Monetary Authority of Singapore (MAS) in its macroeconomic review for October this year.
The review is published twice a year in conjunction with the release of the MAS’s monetary policy statement (MPS).
