Singapore’s Q1 growth disappoints, but economists more optimistic about full-year figures

SINGAPORE’S growth in the first quarter of 2024 missed consensus expectations, but economists are upbeat about full-year prospects, with some revising their predictions upwards after latest figures on Friday (Apr 12).

Gross domestic product growth stood at 2.7 per cent year on year in the first quarter, improving from 2.2 per cent in the previous quarter, advance estimates from the Ministry of Trade and Industry (MTI) showed.

But on a seasonally adjusted quarterly basis, growth was a marginal 0.1 per cent, slower than the previous quarter’s 1.2 per cent rate.