Singapore trims 2023 economic growth to 1.1% as manufacturing sector contracts

Singapore’s full-year growth for 2023 was revised downward as official data revealed that the economy grew 1.1% last year, lower than the initial estimate of 1.2%. The fourth quarter of 2023 saw a 2.2% year-on-year growth, falling short of the government’s advance estimates of 2.8%, largely due to a contraction in manufacturing activity. All sectors except for manufacturing recorded expansions for the year. Singapore’s GDP growth in 2023 was slower than the previous year, with the manufacturing sector contracting by 4.3%. Despite ongoing global economic headwinds, Singapore’s GDP growth forecast for 2024 remains at 1% to 3%.