SINGAPORE — Singapore's economy blew past estimates for third-quarter growth, leading the Government to raise its forecast for full-year 2024.
The third-quarter growth beat both the official advanced estimate of a 4.1 per cent and the upwardly revised 3 per cent expansion in the second quarter.SINGAPORE — Singapore's economy blew past estimates for third-quarter growth, leading the Government to raise its forecast for full-year 2024.
It brought the growth for the first three quarters to 3.8 per cent year on year, compared with 0.7 per cent for the same period in 2023, said Selina Ling, OCBC's chief economist. Other downside risks include a further escalation of geopolitical conflicts which could lead to higher oil prices and production costs, as well as policy uncertainty which could dampen global investment and trade.
At the same time, firm order books in the aerospace and marine and offshore engineering segments should drive growth in the transport engineering cluster. Ling expects the Singapore economy to grow 3.1 per cent in the fourth quarter, which would bring full-year 2024 growth to 3.6 per cent. For 2025, she is keeping her 2.7 per cent growth projection.
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