Investing.com– Singapore’s economy barely grew in the fourth quarter as the island nation continued to struggle with weak export demand and slowing growth in its main market China, although the economy still grew more than 4% in 2024.
rose 0.1% in the three months to Dec. 31, preliminary government data showed on Thursday. The reading was well below expectations of 2% and slowed sharply from the 3.2% recorded in the previous quarter.
was much stronger, rising 4.3% in the fourth quarter – more than expectations of 3.8%. But the reading also slowed from the 5.4% recorded in the previous quarter.
However, data from the fourth quarter shows that Singapore’s GDP will grow by 4% in 2024.
Singapore Prime Minister Lawrence Wong flagged annual GDP of over 4% in his New Year’s address on Wednesday.
While Singapore’s financial sector has remained strong, manufacturing has struggled with ongoing headwinds due to slowing overseas demand, particularly in the electronics industry.
Singapore’s key has been in steady decline for most of 2024.
The country is also struggling with above-average inflation and rising property prices, which have weighed on consumer spending.
