In 2023, Singapore’s economy grew by 1.1%, slightly below the initially estimated 1.2%, as reported by the Ministry of Trade and Industry (MTI). This represents a slowdown from the 3.8% growth in 2022, with a revised Q4 GDP growth rate of 2.2% year on year. Despite the adjustment, the MTI’s 2024 growth forecast remains at 1-3%, amid stable external demand outlook and potential global risks. The economy saw varied sectoral performance: the manufacturing sector contracted, while construction grew by 5.2%. Services expanded by 2.3%, driven by information and communications, among others. The finance and insurance sector notably surged in Q4, benefiting from increased banking and wealth management activities.