GDP up 1.2% in 2023: MTI

GDP also grew by 2.8% in 4Q23.

The Singapore economy grew by 1.2% in 2023, but its rate is significantly lower than the 3.6% growth in 2022.

Meanwhile, GDP in 4Q23 grew by 2.8%, up from the 1.0% growth in the previous quarter.

This growth is due to the rise evident in various sectors including manufacturing, construction, retail, transportation, and communications.

In 4Q23, the manufacturing and construction sectors saw a YoY increase of 3.2% and 9.1% respectively.

Wholesale and retail trade and transportation and storage sectors also grew by 1.5% YoY. 

In addition, information and communications, finance and insurance, and professional services sectors grew by 3.9% YoY.

Other sectors including accommodation and food services, real estate, administrative and support services grew by 2.0% YoY in the same period

MTI will release the preliminary GDP estimates for 4Q23 and the whole of 2023 in February 2024. This will include performance by sectors, sources of growth, inflation, employment, and productivity.