Singapore narrows 2024 growth forecast to 2-3%, upper end of range; economy expands 2.9% in Q2

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The Straits Times 5h ago

Singapore narrows 2024 growth forecast to 2-3%, upper end of range; economy expands 2.9% in Q2 - The Straits Times

Quick Summary:

At the same time, the projected recovery of the manufacturing sector, particularly that of the electronics cluster, is expected to benefit trade-related services sectors such as the machinery, equipment and supplies segment of the wholesale trade sector.

This was after taking into account the performance of the Singapore economy in the first half of 2024, as well as the latest global and domestic economic situations, said the ministry.

For the first half of 2024, Singapore’s gross domestic product growth averaged 3 per cent year on year.