FX.co ★ Singapore GDP Growth Accelerates In Q4

Singapore's economy expanded at a faster pace in the fourth quarter, advance estimates from the Ministry of Trade and Industry showed on Tuesday.

Gross domestic product grew 2.8 percent annually, following the 1.0 percent expansion in the preceding period.

On a quarter-on-quarter basis, economic growth improved to 1.7 percent from 1.3 percent in the third quarter.

For the whole of 2023, the economy grew 1.2 percent, moderating from the 3.6 percent growth in 2022.

In the fourth quarter, manufacturing output rebounded 3.2 percent after a 4.7 percent fall. At the same time, annual growth in construction accelerated to 9.1 percent from 6.2 percent. Services producing industries climbed 2.4 percent following a 2.3 percent rise, data showed.