Hanoi (VNA) – With economic growth in the third quarter of this year exceeding the projected rate, Singapore has raised its growth forecast for the whole year 2024 to around 3.5%.
According to data released by the Ministry of Trade and Industry (MTI) on November 22, Singapore's economy grew 5.4% in the third quarter of this year, up from the advanced estimates of 4.1%.
Singapore's economic growth in the third quarter was mainly supported by manufacturing industry (up 11%), wholesale trade with major partners such as the US and Europe; finance, insurance and partly thanks to ongoing recovery in global electronics demand. This figure brings the average growth rate of the first nine months of the year to 3.8%.
With this result, Singapore forecasts that its economic growth will reach about 3.5% in 2024, higher than the previously announced forecast of 2-3%.
However, MTI forecasts growth in 2025 to be at 1-3% due to unpredictable factors of the global economy./.
