Singapore's economy expanded by 4.1% year-on-year in the third quarter of 2024, surpassing the 2.9% growth recorded in the previous quarter, according to official advance estimates. This performance also exceeded the expectations of economists polled, who had forecast growth of 3.8% from July to September.
The Ministry of Trade and Industry said on October 14 that the economy expanded by 2.1 percent on a quarter-on-quarter seasonally adjusted basis. This is faster than the 0.4 percent growth in the second quarter. According to official advance estimates, Singapore’s economy grew 4.1 percent year over year in the third quarter of 2024, much faster than the 2.9 percent growth in the previous quarter.
Economists polled had expected growth of 3.8 percent in the July to September period. The Ministry of Trade and Industry said on October 14 that the economy expanded by 2.1 percent on a quarter-on-quarter seasonally adjusted basis. This is faster than the 0.4 percent growth in the second quarter. For the services industries, the information and communications, finance and insurance, and professional services sectors collectively grew 4.3 percent, although this was slower than the 5.4 percent growth in the second quarter. Growth in these sectors was supported by expansion in segments like information technology and information services, head offices, and business representative offices.
In particular, the finance and insurance sector grew on the back of an expansion in activity across all segments, especially banking, activities related to financial services, and fund management. The wholesale and retail trade, as well as transportation and storage sectors, collectively expanded by 3.5 percent in the third quarter, extending the 3.9 percent growth in the second quarter. The retail trade sector was the only segment that did not post growth in the third quarter. Growth in the accommodation and food services, real estate, administrative and support services, and other services sectors remained steady at 1% in the third quarter of 2024. In August, the government revised its 2024 growth forecast to a range of 2% to 3%, tightening it to the upper end of the earlier projection of 1% to 3%.