Singapore Trims 2023 Growth Outlook
Singapore narrowed its growth projection for the current year
citing subdued foreign demand but the pace of expansion is forecast
to improve next year with the recovery in global economies.
Given its performance in the first three quarters as well as the
external and domestic conditions, the Ministry of Trade and
Industry said the economy is set to grow around 1.0 percent this
year, compared to its previous outlook of 0.5 to 1.5 percent.
The city-state economy is forecast to expand 1.0 to 3.0 percent
in 2024 as growth in the major economies are set to pick up
gradually in the second half. Singapore's economy expanded 1.1
percent on a yearly basis in the third quarter, faster than the 0.5
percent growth in the previous quarter, official data released on
The third quarter figure was revised up from 0.7 percent
On a quarter-on-quarter seasonally-adjusted basis, gross
domestic product grew 1.4 percent, accelerating from the 0.1
percent expansion in the previous quarter, and also better than the
advance estimate of 1.0 percent.
Although economic growth rebounded strongly, the strength is
unlikely to last, Capital Economics' economist Gareth Leather
Leather reckoned that a combination of weaker global demand and
high interest rates will cause growth to slow over the next couple
The Monetary Authority of Singapore had projected economic
growth to come in at the lower half of the 0.5-1.5 percent forecast
range in 2023.
In October, the bank had kept its monetary policy unchanged as
the current setting is assessed to be 'sufficiently tight' to
dampen imported inflation and curb domestic cost pressures.
On the production-side, other services industries, information
and communications, and wholesale trade contributed the most to the
GDP growth, data showed.
The other services industries posted an annual growth of 4.4
percent. The information and communication sector expanded 5.6
percent and wholesale trade advanced 1.2 percent.
Retail trade grew 2.2 percent and transportation and storage
sector moved up 1.1 percent.
The accommodation sector and food and beverage services sector
expanded 12.9 percent and 3.5 percent, respectively. Further, the
finance and insurance sector expanded 1.5 percent and the real
estate sector posted growth of 3.4 percent.
The construction sector output climbed 6.3 percent, while
manufacturing shrank 4.6 percent.
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