Singapore's economy grew 2.7% in Q1 2024, with merchandise trade up 4.8% YoY and services trade increasing 7.5%, while NODX declined 3.
Singapore's economy grew 2.7% in Q1 2024, with merchandise trade up 4.8% YoY and services trade increasing 7.5%. Non-oil domestic exports (NODX) declined 3.4% in Q1, driven by volatile pharmaceutical exports. The government maintained its 2024 economic growth forecast at 1% to 3%, citing improving prospects for the US and China and a resilient external economic environment. Singapore's manufacturing and trade-related sectors are expected to pick up due to stronger US growth and China's ongoing expansionary policies.
May 23, 2024
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