[Tee tiong huat]

SINGAPORE’S economy expanded 4 per cent year on year in 2024, faster than the 1.1 per cent growth recorded in the previous year, advance estimates from the Ministry of Trade and Industry (MTI) showed on Thursday (Jan 2) morning.

This makes last year’s gross domestic product better than the official forecast of “around 3.5 per cent” that MTI had narrowed to last November.

Fourth-quarter GDP growth came in at 4.3 per cent, slower than the revised 5.4 per cent recorded in Q3. This was as growth for the manufacturing sector decelerated to 4.2 per cent, from a jump of 11.1 per cent in the previous quarter