SINGAPORE - Singapore’s economy in the first three months of 2024 grew at its weakest quarter-on-quarter pace in a year as manufacturing slowed, but economists see growth strengthening ahead.
Compared to the same period last year, the economy grew 2.7 per cent, higher than the 2.2 per cent expansion in the fourth quarter of 2023. However, this figure also missed the Bloomberg poll’s median forecast of 3 per cent growth. He said the manufacturing and electronics recovery is weaker than expected, while services industries are buoyant because of visa waivers for China tourists, a stronger trade-related services sector, as well as a “Taylor Swift” boost.
Sectors comprising the information and communications, finance, insurance and professional services sectors grew 4.2 per cent year on year in Q1, faster than then the 3.6 per cent growth in the previous quarter. Manufacturing growth, however, slowed to 0.8 per cent year on year in Q1, lower than the 1.4 per cent expansion in the previous quarter.
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