Singapore's annual GDP expands at fastest pace since 2021, lifted by trade, finance and manufacturing sectors

Singapore’s GDP grew by 4.4% in 2024, its fastest pace since 2021, driven by wholesale trade, finance, and manufacturing sectors. The fourth quarter saw a 5% year-on-year growth, surpassing expectations, while retail and food sectors contracted due to spending shifts. The country maintains a 1%-3% GDP growth forecast for 2025, with manufacturing and trade services expected to expand, but consumer-facing sectors may remain lackluster.

Full Article