Singapore has reported economic growth in the last three months of 2024, the pace of which exceeded preliminary expectations regarding the intensity of the dynamic of this indicator.
The mentioned result can potentially be perceived by the central bank of the specified country as a sufficient reason for a moderate easing of monetary policy in 2025.
Singapore’s gross domestic product (GDP) grew by 4.3% in the last three months of 2024 compared to the same period in 2023. This is evidenced by the advance estimates published on Thursday, January 2, by the Ministry of Trade and Industry of the country.
It is worth noting that analysts interviewed by the media predicted that Singapore’s GDP would grow by 3.8% over the mentioned period. At the same time, in the period from July to September 2024, this indicator increased by 5.4%.
The Singapore government has not yet provided an outlook for economic growth in 2025. At the same time, in November, the country’s authorities announced the expectation that GDP growth in the current year will range from 1% to 3%.
It is worth noting that Singapore, like other countries of the world, is under the impact of such a negative global factor as the consistent increase in tension in the space of geopolitical relations. This situation may be exacerbated by rising tariffs on goods imported into the United States. Donald Trump, who won the US presidential election in November and will return to the White House in the current month, has the appropriate intentions. Experts warn that the increase in tariffs will provoke significant tensions in global trade.
Singapore’s equity benchmark rose 0.2% in early trading.
Prices for private homes in the country increased by 2.3% in the last quarter of 2024 compared to the previous three months, according to preliminary estimates from the Urban Redevelopment Authority.
For the whole of 2024, Singapore’s GDP grew by 4%. This was stated by the country’s Prime Minister Lawrence Wong in his New Year’s message.
The Monetary Authority of Singapore left settings on hold for a sixth straight review in October. At that time, it was noted that the trajectory of disinflation in the country was firmly entrenched and the economic recovery would last until 2025.
As we have reported earlier, Stablecoin Payments Near $1B in Singapore.
