Singapore's economy ends 2024 on strong note but downside risks seen

Singapore's economy grew faster than expected into the end of 2024, data showed on Friday, but the government maintained its forecast for slower growth this year and warned of some risks from global trade frictions.

The city-state's economy grew 5 percent in the fourth quarter from a year earlier, higher than both an official advance estimate of 4.3 percent and economists' forecast of 4.7 percent growth.

Full-year growth accelerated to 4.4 percent in 2024 from a revised 1.8 percent in 2023.

The trade ministry maintained its gross domestic product growth forecast for 2025 at 1 percent to 3 percent, and said the external demand outlook for 2025 remained broadly unchanged, although there were risks.