Singapore's economy grew 2.2% in the fourth quarter, slower than forecast

Singapore’s economy grew 2.2% year-on-year in the fourth quarter of last year, falling short of expectations. The growth marks a sharp increase from the previous quarter. On a quarter-on-quarter basis, the economy expanded 1.2% in the fourth quarter. Overall, Singapore’s economy grew 1.1% in 2023, slower than the previous year. The growth in 2023 was mainly driven by the information and communications and transportation sectors. The GDP growth forecast for 2024 was maintained at 1% to 3%. The Monetary Authority of Singapore expects the economy to strengthen this year, barring global shocks.