This photo taken on May 23, 2024 shows several skyscrapers in the financial district of Singapore. The Singapore economy grew 2.7 percent year-on-year in the first three months of 2024, extending the 2.2 percent expansion in the previous quarter, according to the quarterly economic survey issued by the Ministry of Trade and Industry Thursday. (Photo by Then Chih Wey/Xinhua)
SINGAPORE, May 23 (Xinhua) -- The Singapore economy grew 2.7 percent year-on-year in the first three months of 2024, extending the 2.2 percent expansion in the previous quarter, according to the quarterly economic survey issued by the Ministry of Trade and Industry Thursday.
The growth was primarily driven by the finance and insurance, transportation and storage, and wholesale trade sectors.
The economic growth in the United States and China was better than expected in the first quarter, which delivered a resilient external economic environment for Singapore.
China's support policies are expected to increase manufacturing investment, expand infrastructure spending, and stabilize the property market, said the report, adding that the U.S. growth outlook improved slightly on its labor market resilience and aritificial intelligence-led investments.
Against this backdrop, the report said Singapore's manufacturing and trade-related sectors will pick up growth over this year. Aviation and tourism-related sectors will also benefit from demand recovery.
Taking into the domestic and external environment, the ministry maintained its growth forecast for Singapore of 1 to 3 percent this year. ■
This photo taken on May 23, 2024 shows a city view of Singapore. The Singapore economy grew 2.7 percent year-on-year in the first three months of 2024, extending the 2.2 percent expansion in the previous quarter, according to the quarterly economic survey issued by the Ministry of Trade and Industry Thursday. (Photo by Then Chih Wey/Xinhua)
This photo taken on May 23, 2024 shows the city skyline of Singapore. The Singapore economy grew 2.7 percent year-on-year in the first three months of 2024, extending the 2.2 percent expansion in the previous quarter, according to the quarterly economic survey issued by the Ministry of Trade and Industry Thursday. (Photo by Then Chih Wey/Xinhua)
