Singapore's economy grew 2.9% year-on-year in the April-June quarter, matching official estimates and exceeding market expectations, according to government data. The trade ministry revised its 2024 GDP growth forecast to 2.0%-3.0%, up from 1.0%-3.0%. Quarter-on-quarter, seasonally adjusted GDP increased by 0.4%. The ministry expects resilient external demand for the rest of the year, but warns of risks from geopolitical tensions and tight global financial conditions. Singapore's manufacturing sector is anticipated to gradually recover in the second half of the year. The Monetary Authority of Singapore (MAS) predicts stronger economic performance in the remainder of 2024, with growth near the potential rate of 2%-3%. GDP growth for 2023 was 1.1%, down from 3.8% in 2022.