Singapore’s GDP grows 2.9% YoY in Q2, 2024 forecast raised

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 1.3237 ahead of US PPI, CPI and retail sales reports for July.