Singapore economy grew 2.2% in Q4, lower than estimate

People shop at a mall in Singapore Feb 16, 2021. REUTERS/Edgar Su/File photo

SINGAPORE  —Singapore’s economy grew 2.2 percent on a year-on-year basis in the fourth quarter of 2023, government data showed on Thursday, lower than the advanced growth estimate of 2.8 percent released last month.

On a quarter-on-quarter basis, seasonally-adjusted basis, gross domestic product (GDP) expanded 1.2 percent in the October-December period, compared with 1.7 percent in advanced estimates.

The trade ministry maintained its GDP growth forecast for 2024 at 1 percent to 3 percent.

“GDP growth in 2023 was mainly driven by the other services, information and communications and transportation and storage sectors,” said Beh Swan Gin, permanent secretary of development at the Trade Ministry.

READ: Singapore keeps monetary policy unchanged as inflation slows

Last month, the central bank left monetary policy settings unchanged in its first review of the year as inflation pressures continued to moderate and growth prospects improved.

The Monetary Authority of Singapore (MAS) has increased the frequency of its reviews from twice a year to quarterly starting in 2024.

Core inflation in December was 3.3 percent year-on-year, slowing from its peak of 5.5 percent early last year.