The Singapore economy experienced a growth of 2.7 per cent year on year in the first quarter of 2024, surpassing the 2.2 per cent growth seen in the previous quarter. These figures were released in advance estimates by the Ministry of Trade and Industry on Friday, as reported by Xinhua.
In terms of specific sectors, the manufacturing sector saw a growth of 0.8 per cent year on year in the first quarter, which was slightly lower than the 1.4 per cent growth in the previous quarter. However, the chemicals, precision engineering, and transport engineering clusters saw output expansions that offset contractions in the electronics, biomedical manufacturing, and general manufacturing clusters.
The construction sector also experienced growth, expanding by 4.3 per cent year on year in the first quarter, driven by public construction output. Additionally, the services sector recorded a 3.2 per cent growth in the first quarter, an increase from the 2.3 per cent growth seen in the previous quarter. Overall, these numbers point to a positive trajectory for the Singapore economy in the first quarter of 2024.
Despite slight declines in some sectors such as electronics and biomedical manufacturing, overall economic performance remains strong thanks to robust expansion in key sectors like chemicals and transport engineering clusters.
Furthermore, government initiatives aimed at boosting public construction output have contributed significantly to positive results within this sector.
Overall, while there are some challenges that need to be addressed to maintain economic stability over time
