Singapore economy tops 2024 forecasts, growing 4.4 percent
SINGAPORE
Singapore's economy grew more than expected last year, data showed on Feb. 14, boosted by the trade and manufacturing sectors but officials warned about a "large cone of uncertainty" as the United States embarks on its tariffs campaign.
The city-state's economic performance is often seen as a barometer of the global environment because of its heavy reliance on international trade but it is vulnerable to any standoffs triggered by U.S. President Donald Trump.
The 4.4 percent expansion recorded in 2024 was more than double the 1.8 percent seen the previous year and above the preliminary 4 percent released by the government in January.
Growth in the final quarter of last year came in at 5 percent, also surpassing preliminary estimates.
"Gross domestic product growth for the year was mainly driven by the wholesale trade, finance and insurance and manufacturing sectors," the Trade Ministry said in a statement.
Manufacturing grew 4.3 percent over the 12 months, compared with a 4.2 percent contraction in 2023, helped by rising demand for computer chips, the ministry said.
The ministry maintained its forecast for 2025 economic growth of 1-3 percent.
However, it warned of "rising global economic uncertainty" amid trade war fears, saying it expected economic growth in key trading partners to ease.
"There is a large cone of uncertainty surrounding the outlook of the U.S. economy, with its trajectory depending on the policies of the new U.S. administration," it said.
