A general view of the Singapore Central Business District skyline, Marina Bay Sands, the Arts and Sciences Museum and the seating deck at Marina Bay on August 1, 2015 in Singapore.
Al-Suhaimi Abdullah Getty Images
SINGAPORE – Singapore's economy grew 2.2% year-on-year in the fourth quarter of last year, lower than prior estimates of 2.8% growth and a Reuters forecast for 2.5% growth, official data showed on Thursday.
However, the reading indicates a sharp increase from the 1% growth in the previous quarter.
On a seasonally adjusted quarterly basis, Singapore's economy grew by 1.2% in the fourth quarter, slightly better than the previous quarter. 1% growth in the third quarterAccording to the Ministry of Trade and Industry.
Overall, Singapore's economy grew by 1.1% in 2023, slower than the 3.8% expansion in 2022. Growth in 2023 was largely driven by the information, communications, transportation and storage sectors.
The ministry said that GDP growth forecast for 2024 was maintained at 1% to 3%.
Growth in the information and communications sector was 4.7% on an annual basis, which is slower than the growth of 6% in the previous quarter, while the finance and insurance sector grew by 5.4% on an annual basis, which is faster than the growth of 2.5%. In the previous quarter.
Singapore's economy is expected to strengthen this year, barring further global shocks, the Monetary Authority of Singapore said In its forecast for January.
This is a developing story. . Please check back for updates
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