Singapore's economy grew 4.1% YoY in Q3 2024, driven by 7.5% manufacturing growth, mainly due to AI-linked chip demand.

Singapore's economy grew 4.1% year-on-year in Q3 2024, outperforming expectations of less than 4%. This growth was primarily driven by a 7.5% rebound in the manufacturing sector, particularly due to increased demand for computer chips linked to artificial intelligence. The construction sector grew 3.1%, while the growth of services industries slowed slightly. The Monetary Authority of Singapore plans to maintain its current monetary policy as inflation risks stabilize.

October 14, 2024
25 Articles