Indicators
Singapore Economy Ends 2023 on Strong Note as New Risks Loom
- Economy expanded 1.2% from a year ago, beating expectations
- Manufacturing returned to growth in 4Q, services was resilient
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Singapore’s economy grew faster than expected in 2023 helped by late gains in manufacturing and construction, even as risks loom in the form of a difficult global economic environment and the evolving geopolitical situation.
Gross domestic product grew 1.2% during the year, according to advance estimates Tuesday from the Ministry of Trade and Industry. That’s better than the government’s projection for an annual expansion of around 1%.