Singapore’s gross domestic product (GDP) grew slower in 2023, expanding 1.1% YoY against a 3.8% YoY growth in 2022. In 2023, the construction sector (5.2% YoY) and services-producing industries (2.3% YoY) also recorded expansions, albeit lower than their respective 2022 records (4.6% YoY, 5.1% YoY).  Expansions in both public and private sector construction works gave the construction sector a boat, whilst other services, information & communications and transportation & storage sectors drove growth for the services-producing industries. On the other hand, the manufacturing sector shrank, contracting by 4.3% YoY.  All clusters in the manufacturing sector recorded output declines except for the transport engineering cluster. For 2024, the Ministry of Trade and Industry (MTI) expects GDP to grow by 1.0%-3.0%, citing global and domestic environments.   https://sbr.com.sg/economy/news/economy-grows-11-in-2023-mti-retains-2024-growth-forecast-10-30 (ICE SINGAPORE)

Fonte notizia: Singapore Business Review, 15 February 2024