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%.
Progress in 2023 was largely pushed by ‘different companies sectors’, which grew 3.9% year-on-year. Data and communications sectors, in addition to transportation and storage sectors additionally drove the expansion, the Ministry of Commerce and Business mentioned.
“All sectors, except manufacturing, recorded development throughout the 12 months,” the ministry reported.
Singapore’s financial system grew at an annual charge of two.2% within the fourth quarter of final 12 months, lagging the federal government’s earlier estimates of two.8% development, as industrial exercise shrank, official figures confirmed from Thursday.
Nevertheless, the figures indicated a pointy improve from the earlier quarter’s 1% development.
On a quarterly, seasonally adjusted foundation, Singapore’s financial system grew by 1.2% within the fourth quarter, barely higher than within the fourth quarter. 1% development within the third quartermentioned the Ministry of Commerce and Business.
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.
Outlook and dangers for 2024
The GDP development forecast for 2024 was maintained at 1% to three%, the ministry mentioned.
“Singapore’s manufacturing and trade-related sectors are anticipated to see a gradual restoration in development in parallel with the turnaround in world electronics demand,” the press launch mentioned. A sustained restoration in air journey and tourism demand may even help Singapore’s tourism and aviation-related sectors.
Singapore’s exterior demand outlook for 2024 stays largely unchanged, MTI mentioned within the press launch.
“Progress in superior economies is anticipated to reasonable within the first half of the 12 months, primarily as a consequence of persistently tight monetary circumstances,” the ministry mentioned, including {that a} gradual restoration is anticipated within the second half “in keeping with a anticipated easing of financial measures.” coverage now that inflationary pressures are easing.”
That mentioned, world financial headwinds stay, the ministry mentioned, citing the continuing battle in Gaza and Ukraine, in addition to the “delayed results of financial tightening,” as a few of the causes.
China’s GDP development is prone to stay subdued within the first half of the 12 months as a consequence of sluggish home consumption and export development alongside a contentious actual property market, the MTI assertion continued. US financial development is anticipated to proceed to say no within the coming quarters earlier than selecting up once more within the second half of the 12 months.
“With This autumn 23 proving to be a lot much less buoyant than earlier estimates had instructed, we’re modestly reducing our 2024 GDP development forecast from 3.0 to 2.7%,” Barclays mentioned in a word.
The Singapore greenback was buying and selling at 1.347 towards the US greenback after the info launch.
GDP for 2023 has been revised downward as a consequence of a slowdown in manufacturing
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