Singapore’s economy has grown at an annualized rate of 2.9% in the second quarter of 2024, final data by Statistics Singapore showed. The final estimate matched the preliminary data.
First-quarter GDP growth has been revised up to 3%.
In Q2, economic growth was mostly underpinned by segments such as wholesale trade, finance & insurance, and information & communications.
On the other hand, Singapore’s manufacturing sector contracted, mostly because of a decline in biomedical manufacturing.
The electronics segment returned to growth in Q2, driven by robust demand for smartphones, PCs and AI-related chips.
The city-state’s retail trade and food & beverage services segments contracted in Q2, in part because of an increase in outbound travel.
Meanwhile, full-year 2024 GDP growth forecast has been raised to a range of 2% to 3% from a prior projection of 1% to 3%.
The Singaporean Dollar was 0.10% stronger on the day against its US counterpart, with the USD/SGD currency pair last trading at 1.3229 ahead of US PPI, CPI and retail sales reports for July.
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