Showing posts with label Services. Show all posts
Showing posts with label Services. Show all posts
Thursday, February 01, 2024

Singapore's Economic Performance Surpasses Expectations Driven by Growth in Construction and Services Sectors

Singapore's Economic Performance Surpasses Expectations Driven by Growth in Construction and Services Sectors

 Singapore‚Äôs economy outpaced expectations in 2023, driven by year-end growth in manufacturing and construction, along with the resilient services sector, contributing to increased momentum in economic activity.According to advance estimates released on Tuesday by the Ministry of Trade and Industry, the Gross Domestic Product (GDP) recorded a growth of 1.2% for the year. This surpassed the government's earlier projection of an annual expansion of approximately 1%.The robust performance was marked by a 1.7% GDP expansion in the last quarter of the year compared to the previous quarter. On a year-on-year basis, the economy witnessed a 2.8% expansion in the last quarter.November saw a turnaround in exports, ending 13 consecutive months of decline, while factory output registered an increase in the final months of the year, contributing to overall economic growth. Despite the relative strength in the services sector throughout the year, Prime Minister Lee Hsien Loong, in his New Year's ...