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Singapore’s economy accelerated in Q4 2023, outperforming economists’ predictions largely due to the progress in the construction and manufacturing sectors.
What Happened: As reported by Reuters, Singapore’s economy grew by 2.8% year-on-year during the fourth quarter, with the construction and manufacturing sectors playing a significant role in this growth.
This figure outshone the 1% increase recorded in Q3 2023. Throughout 2023, the economy expanded by 1.2%, a decrease from the 3.6% growth in 2022.
OCBC’s Selena Ling and Maybank’s Chua Hak Bin, both economists, acknowledged that the Q4 growth exceeded their forecasts. Ling had predicted a 1.8% expansion, and Chua had forecasted a 2.5% growth. “Green shoots are sprouting in exports and manufacturing, brightening the outlook for 2024,” Chua commented, anticipating a GDP growth of 2.2% in 2024. Ling’s 2024 forecast aligns with the trade ministry’s projections, predicting growth between 1% and 3%.
The GDP grew 1.7% on a quarter-on-quarter seasonally adjusted basis in the October-December period, an improvement on the 1.3% expansion in the third quarter. The Monetary Authority of Singapore (MAS) is expected to review its monetary policy no later than Jan. 29.
Why It Matters: This encouraging Q4 growth comes on the heels of Singapore’s impressive economic performance in 2021. Singapore’s economy registered a 7.2% growth in 2021, its highest in over a decade, bouncing back from a 5.4% contraction due to the pandemic in the previous year. The news of this robust growth positively impacted U.S.-listed companies in Singapore, with shares of companies such as CapitaLand Ascendas REIT (OTC:ACDSF), Keppel Corp Ltd (OTC:KPELY), and Singapore Telecommunications Ltd (OTC:SGAPY) going up.
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