Singapore’s economy expanded 4% year on year in 2024, surpassing 2023’s 1.1% growth. Fourth-quarter GDP rose 4.3%, slower than Q3’s revised 5.4%, as manufacturing growth eased to 4.2% from 11.1%. On a seasonally adjusted quarterly basis, GDP grew 0.1% in Q4, down from 3.2%. Manufacturing rose 3.5% for the year, with Q4 output driven by electronics and transport engineering. Construction gained 4.8% in 2024, while services expanded 4.1%, supported by wholesale, retail, transportation, and storage at 5.6%. Services grew 0.6% quarter on quarter in Q4. The Ministry of Trade and Industry expects 2025 growth at 1-3%. Prime Minister Lawrence Wong said inflation is moderating, but prices remain above pre-pandemic levels, and more targeted help will be provided for vulnerable groups. Officials remain cautious on outlook.