Economy grows 4.1% YoY in Q3 as manufacturing, services expand

It grew at a faster rate compared to the previous quarter.

Singapore’s gross domestic product (GDP) grew faster in Q3 2024, increasing 4.1% YoY, advance estimates from the Ministry of Trade and Industry (MTI) showed. 

In Q2 2024, the GDP grew by 2.9% YoY.

On a quarter-on-quarter basis, GDP expanded by 2.1%, also faster than the 0.4% growth in the preceding quarter.

The goods-producing industries saw expansions, with manufacturing posting a 7.5% YoY growth and construction recording a 3.1% YoY increase.

All services-producing industries also recorded year-on-year expansions, led by "information & communications, finance & insurance and professional services" (+4.3% YoY) and followed by “wholesale & retail trade and transportation & storage" (+3.5% YoY), and "accommodation & food services, real estate, administrative & support services" (+1.0% YoY).