Analysts surveyed by the Monetary Authority of Singapore (MAS) have revised their expectations for the country's economic performance in 2024, forecasting a growth of 2.6% in Singapore's gross domestic product (GDP), an increase from the previous estimate of 2.4% made in June. This positive adjustment reflects an optimistic outlook backed by improved forecasts for key sectors including finance and insurance, construction, and wholesale and retail trade.
The anticipated growth rates for these sectors have been adjusted to 5.7%, 3.9%, and 3% respectively, up from earlier projections of 5.1%, 3.8%, and 2.5%. However, it should be noted that the outlook for the manufacturing sector, as well as accommodation and food services, has been revised downward slightly, with expectations of 0.6% and 2.9% growth respectively, compared to the earlier forecasts of 1.6% and 3.1%.
This adjustment in predictions comes in the wake of a 2.9% expansion recorded in Singapore's GDP for the second quarter, which surpassed analysts' expectations of 2.7%. Looking ahead to the third quarter, analysts are maintaining a growth forecast of 2.6%. Furthermore, respondents project that Singapore's GDP will continue to expand, with a forecasted growth of 2.5% for 2025, indicating a sustainable economic trajectory as sectors recover and expand..