Singapore GDP Q4 2024 +4.3% y/y
- expected +3.3%, previous +5.4%
+0.1% q/q
- expected -0.4%, prior +3.2%
Economic Growth:
- Singapore's economy grew by 4.0% in 2024, a significant increase from the 1.1% growth in 2023, according to preliminary government data.
- In the fourth quarter, GDP expanded by 4.3% year-on-year, surpassing economists' median forecast of 3.3%. This acceleration augers well for the quarters ahead.
- On a quarter-on-quarter basis (seasonally adjusted), GDP rose 0.1% in the October-December period.
Inflation Trends:
- November's annual inflation rate of 1.9% was the lowest in nearly three years, creating potential scope for monetary policy easing.
- Analysts suggest the central bank may wait until later in 2025 to adjust policy, depending on the impact of the incoming U.S. administration's policies.
Monetary Policy:
- The Monetary Authority of Singapore (MAS) held its policy steady during the October review, given improving economic activity.
- MAS's next policy review is scheduled for this month, 31 January 2025.
