SINGAPORE – Lifted by the manufacturing and construction sectors, Singapore’s economy expanded 2.8 per cent year on year in the fourth quarter of 2023, faster than the 1 per cent growth in the previous quarter.
The Q4 figure was also up from the 2.1 per cent recorded a year ago.
For the whole of 2023, gross domestic product (GDP) grew 1.2 per cent, moderating from the 3.6 per cent growth in 2022, according to advance estimates from the Ministry of Trade and Industry (MTI) on Jan 2.
The full-year GDP is a touch above the 1 per cent growth projected in a quarterly survey of professional forecasters released by the Monetary Authority of Singapore (MAS) on Dec 13.
On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 1.7 per cent in Q4, extending the 1.3 per cent expansion in the third quarter.
Prime Minister Lee Hsien Loong said in his annual New Year Message on Dec 31 that the economy is expected to grow by 1 to 3 per cent in 2024, “but much will depend on the external environment”.
The manufacturing sector grew 3.2 per cent year on year in Q4, after contracting in the first three quarters of 2023.
The growth was led by output expansions across all clusters, with the exception of the precision engineering industry.
On a quarter-on-quarter seasonally-adjusted basis, the manufacturing sector grew 9 per cent in the fourth quarter, accelerating from the 0.3 per cent expansion in the third quarter.
The construction sector expanded by 9.1 per cent year-on-year in Q4, led by higher public and private sector output and was faster than the 6.2 per cent growth in the previous quarter.
On a quarter-on-quarter seasonally-adjusted basis, the pace of growth in the construction sector improved to 4.3 per cent in Q4, from 0.8 per cent in the third quarter.