Singapore's economy expanded by 5% year over year during the fourth quarter of 2024, moderating from a 5.7% growth in the preceding quarter, according to data released by the Ministry of Trade and Industry on Friday.
On a quarter over quarter seasonally adjusted basis, the city-state's economy expanded by 0.5%, compared to the 3.0% expansion during the third quarter of 2024.
GDP growth for 2024 stood at 4.4%, an improvement on the 1.8% expansion in 2023, thanks to growth in the wholesale trade, finance and insurance and manufacturing sectors.
Meanwhile, Singapore has maintained the GDP growth forecast for 2025 at 1.0% to 3.0% for 2025, according to the report.
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