Financial News: Singapore GDP Growth Exceeds Expectations

Singapore GDP Growth Exceeds Expectations

01/02/2025 - 00:20:00 (RTTNews)

(RTTNews) - Singapore's economic growth exceeded expectations at the end of 2024 but the pace of growth moderated from the preceding period, official data revealed on Wednesday. Gross domestic product expanded 4.3 percent on a yearly basis, which was slower than the 5.4 percent growth posted in the third quarter, advance estimates from the Ministry of Trade and Industry showed. Growth was forecast to moderate to 3.8 percent.

On a quarter-on-quarter basis, the city-state economy posted a marginal 0.1 percent growth, moderating from the 3.2 percent expansion in the previous quarter.

Nonetheless, for the whole of 2024, GDP expanded 4.0 percent, much faster than the 1.1 percent growth in the previous year.

Elsewhere, data from the Urban Redevelopment Authority showed that house price inflation slowed in 2024. Prices moved up 3.9 percent after a 6.8 percent increase in 2023 and 8.6 percent in 2022.

In the fourth quarter, house prices were up 2.3 percent compared to the third quarter.

"The economic outlook is subject to uncertainties, with several downside risks in 2025, including still-elevated global interest rates and possible renewed restrictions to global trade," the URA said.

The URA said domestic mortgage rates are likely to remain elevated relative to the low levels seen over the past decade. "Households should continue to exercise prudence when purchasing properties and taking on mortgage loans," the agency added.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Ireland Property Price Inflation Slows For Third Month (06 hr(s), 28 min(s), 54 sec(s) ago)
(RTTNews) - Residential property price inflation in Ireland eased for the third month in a row in ...Full Story»

Poland Industrial Output Recovers; PPI Falls At Slower Pace (07 hr(s), 49 min(s), 54 sec(s) ago)
(RTTNews) - Poland's industrial production recovered in December on a rebound in mining and qu ...Full Story»

Iceland Jobless Rate Surges To 3.9% In December (08 hr(s), 0 min(s),54 sec(s) ago)
(RTTNews) - Unemployment rate in Iceland climbed sharply to a three-month high in December after e ...Full Story»

UK Budget Deficit Surges On Interest Payments (08 hr(s), 23 min(s), 54 sec(s) ago)
(RTTNews) - The UK budget deficit more than doubled in December largely due to interest payments, ...Full Story»

Malaysia Central Bank Holds Key Interest Rate Steady At 3% (08 hr(s), 39 min(s), 54 sec(s) ago)
(RTTNews) - Malaysia's central bank left its benchmark interest rate unchanged on Wednesday as ...Full Story»

South Africa Inflation Climbs For Second Month, Retail Sales Growth Improves (08 hr(s), 46 min(s), 54 sec(s) ago)
(RTTNews) - South Africa's consumer price inflation accelerated for a second straight month in ...Full Story»

UK Budget Deficit Widens In December (13 hr(s), 39 min(s), 54 sec(s) ago)
(RTTNews) - The UK budget deficit more than doubled in December from the last year as increases in ...Full Story»

South Korea Consumer Confidence Improves In January (14 hr(s), 32 min(s), 54 sec(s) ago)
(RTTNews) - South Korea's consumer sentiment increased for the first time in three months in J ...Full Story»