FX.co ★ Singapore's GDP Growth Accelerates to 2.7% in Q1 2024

Singapore's economy has shown commendable resilience and recovery as its Gross Domestic Product (GDP) growth rate reached 2.7% in the first quarter of 2024, up from the previous 2.2% recorded in the same quarter last year. The fresh data was officially released on 23 May 2024, reflecting a positive year-over-year economic performance.

This notable increase highlights Singapore’s steady economic recovery efforts, drawing a stark contrast to the initial sluggish growth experienced in the first quarter of 2023. Key contributors to this improvement include robust performances in the technology and financial services sectors, coupled with a resurgence in consumer spending and heightened foreign investments.

Economists view this upward trend as a promising sign for the city-state's near-term economic outlook, suggesting that Singapore is on a stable path poised for future growth amid the global economic uncertainties. Policymakers are expected to leverage this momentum to further fortify economic policies and innovative strategies to sustain and accelerate growth in the upcoming quarters.