Financial News: Singapore GDP Growth Exceeds Expectations

Singapore GDP Growth Exceeds Expectations

01/02/2025 - 02:51:00 (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 Thursday. 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.

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