Singapore economy picks up pace, growing 2.8% in Q4: Advance estimates

Economists have forecast Singapore's economy to perform better than in 2023, even as geopolitical uncertainties loom. Advance estimates show economic growth at 2.8% on-year in 4Q2023. This was driven by the key manufacturing sector, which saw a rebound of 3.2% growth, after four consecutive quarters of contraction. The construction sector also recorded its strongest performance, expanding 9.1% in October and November. Economists said they expect the Monetary Authority of Singapore to continue its stance to appreciate the Singdollar and guard against inflationary pressures.