January 02, 2025 at 12:21AM
Singapore GDP Q4 2024 +4.3% y/y
expected +3.3%, previous +5.4%
+0.1% q/q
expected
-0.4%, prior +3.2%
Economic Growth:
Singapore’s economy grew by 4.0% in 2024, a significant increase from the 1.1% growth in 2023, according to preliminary government data.
In the fourth quarter, GDP expanded by 4.3% year-on-year, surpassing economists’ median forecast of 3.3%. This acceleration augers well for the quarters ahead.
On a quarter-on-quarter basis (seasonally adjusted), GDP rose 0.1% in the October-December period.
Inflation Trends:
November’s annual inflation rate of 1.9% was the lowest in nearly three years, creating potential scope for monetary policy easing.
Analysts suggest the central bank may wait until later in 2025 to adjust policy, depending on the impact of the incoming U.S. administration’s policies.
Monetary Policy:
The Monetary Authority of Singapore (MAS) held its policy steady during the October review, given improving economic activity.
MAS’s next policy review is scheduled for this month, 31 January 2025.
This article was written by Eamonn Sheridan at www.forexlive.com.