International Courant
A basic view of the Singapore Central Enterprise District skyline, the Marina Bay Sands, the ArtScience Museum and the seating platform at Marina Bay on August 1, 2015 in Singapore.
Suhaimi Abdullah | Getty Photos
SINGAPORE – Singapore lower its full-year development forecast for 2023 after official information on Thursday confirmed the financial system grew 1.1% final 12 months, down from an earlier estimate of 1.2%.
Singapore’s GDP development in 2023 was slower than the three.8% development in 2022.
Final 12 months, the manufacturing sector – a key driver of the financial system – shrank by 4.3%, a setback from 2.7% development in 2022. The development sector grew by 5.2%, an enchancment from the expansion of 4.6% in 2022.
Progress within the info and communications sector was 4.7% year-on-year, slower than the earlier quarter’s development of 6%, whereas the monetary and insurance coverage sector grew 5.4% year-on-year, quicker than the expansion of two.5 %. within the earlier quarter.