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Manufacturing Spurs 4.1% Singapore GDP Rise in Q3 2024!
Singapore's economy grew 4.1% year-on-year in Q3 2024, with manufacturing leading the rebound at 7.5% expansion.
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Daily.SG Newsroom
Archive · 14 Oct 2024
KEY POINTS
- ●Overall GDP expanded 4.1% year-on-year in Q3 2024, up from 2.9% in Q2 2024
- ●Manufacturing sector rebounded strongly with 7.5% growth, reversing a 1.1% contraction from Q2
- ●Services Producing Industries grew 3.3%, with wholesale & retail trade and transportation & storage each contributing 3.5% growth
- ●Construction sector grew 3.1%, slower than the previous quarter's 4.8%, mainly driven by public sector projects
- ●Figures are early estimates; more detailed data will be released in November 2024
IN SIMPLE TERMS
Singapore's overall economy grew faster in the third quarter of 2024 compared to the same time last year. The manufacturing industry did especially well, bouncing back from a decline the previous quarter. Other industries like services and construction also grew, though at slower rates.
WHY IT MATTERS
Faster economic growth signals improving business activity and potential wage gains for workers.
Manufacturing's strong rebound suggests resilience in Singapore's industrial sector and export competitiveness.
Job creation prospects may improve as companies expand in response to rising demand across multiple sectors.
Stronger quarterly performance provides confidence for business investment and consumer spending in the near term.
WHERE DO YOU STAND?
Do you think Singapore's strong Q3 2024 economic growth will translate into more job opportunities and higher wages for workers over the next year?
👍 👎 Vote ↓The Full Story
- Singapore GDP (economy) grew by 4.1% year-on-year in the third quarter of 2024.
- The manufacturing sector rebounded with a 7.5% expansion.
- Services Producing Industries showed a collective growth of 3.3%.
Singapore’s economy shows strong growth in Q3 2024, with manufacturing leading the charge.
Key Terms Simplified
- GDP (Gross Domestic Product) is the total value of goods and services produced in a country.
- Year-on-year growth compares this year’s performance to the same time last year.
- Quarter-on-quarter growth compares this quarter’s performance to the previous quarter.
Singapore GDP (Economic Growth) in Q3 2024
According to MTI, Singapore’s economy grew by 4.1% in the third quarter of 2024 compared to the same time last year.
This growth is higher than the 2.9% seen in the second quarter.
When compared to the previous quarter, the economy grew by 2.1%.
These figures are based on data from July and August 2024.
| Economic Sector | Year-on-Year Growth |
|---|---|
| Overall GDP | 4.1% |
| Goods Producing Industries | 6.6% |
| Manufacturing | 7.5% |
| Construction | 3.1% |
| Services Producing Industries | 3.3% |
Manufacturing Sector Rebounds
The manufacturing sector showed a strong comeback in Q3 2024.
It grew by 7.5% compared to the same period last year.
This is a big change from the 1.1% drop seen in the previous quarter.
According to MTI, “The manufacturing sector expanded by 7.5 per cent year-on-year in the third quarter of 2024, rebounding from the 1.1 per cent contraction in the previous quarter.”
This growth in manufacturing is similar to the uptick in manufacturing seen in July 2024.
Services Sector Performance
The Services Producing Industries also showed good growth in Q3 2024.
They grew by 3.3% compared to the same time last year.
Within this sector, wholesale & retail trade and transportation & storage grew by 3.5%.
MTI noted, “Growth in the wholesale trade sector was driven by the machinery, equipment & supplies and others segments, while that in the transportation & storage sector was largely supported by the water and air transport segments.”
This growth aligns with the increase in wholesale trade reported for Q2 2024.
Construction Sector Growth
The construction sector grew by 3.1% in Q3 2024.
This is lower than the 4.8% growth seen in Q2 2024.
The growth was mainly due to public sector projects.
Other Economic Indicators
- Information & communications, finance & insurance, and professional services grew by 4.3%.
- Accommodation & food services, real estate, admin & support services and other services grew by 1.0%.
- Wholesale & retail trade and transportation & storage grew by 3.5%.
Economic Outlook
These figures are early estimates and may be revised.
More detailed GDP estimates will be released in November 2024.
Do you think Singapore’s strong economic growth will lead to better job opportunities for Singaporeans in the coming year?
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