Singapore's economic growth surpassed expectations towards the close of 2024, although it witnessed a slowdown compared to the preceding period, according to official data released on Wednesday. The Ministry of Trade and Industry's advance estimates indicated that gross domestic product (GDP) grew by 4.3 percent annually. This figure represents a deceleration from the 5.4 percent growth observed in the third quarter, with forecasts predicting a moderation to 3.8 percent.
On a quarterly basis, Singapore's economy experienced a slight increase of 0.1 percent, down from the 3.2 percent growth seen in the prior quarter.
Nevertheless, the overall GDP for 2024 saw an expansion of 4.0 percent, significantly higher than the 1.1 percent growth recorded in the previous year.
In addition, the Urban Redevelopment Authority reported a deceleration in house price inflation for 2024. Property prices rose by 3.9 percent, a decrease from the 6.8 percent increase in 2023 and the 8.6 percent rise in 2022.
During the fourth quarter, house prices increased by 2.3 percent compared to the third quarter.
"The economic outlook faces uncertainties, with several downside risks anticipated in 2025, such as persistently high global interest rates and the potential reimplementation of restrictions on global trade," stated the Urban Redevelopment Authority (URA).
The URA further noted that domestic mortgage rates are expected to remain high compared to the low levels experienced over the last decade. "It is advisable for households to maintain financial prudence when purchasing properties and obtaining mortgage loans," the agency advised.
The material has been provided by InstaForex Company -
www.instaforex.com
