© Reuters. FILE PHOTO: People shop at a mall in Singapore February 16, 2021. REUTERS/Edgar Su/File Photo
SINGAPORE (Reuters) -Singapore’s economy grew 2.2% on a year-on-year basis in the fourth quarter of 2023, government data showed on Thursday, lower than the advanced growth estimate of 2.8% released last month.
On a quarter-on-quarter basis, seasonally-adjusted basis, gross domestic product (GDP) expanded 1.2% in the October-December period, compared with 1.7% in advanced estimates.
The trade ministry maintained its GDP growth forecast for 2024 at 1.0% to 3.0%.
“GDP growth in 2023 was mainly driven by the other services, information and communications and transportation and storage sectors,” said Beh Swan Gin, permanent secretary of development at the Trade Ministry.
Last month, the central bank left monetary policy settings unchanged in its first review of the year as inflation pressures continued to moderate and growth prospects improved.
The Monetary Authority of Singapore (MAS) has increased the frequency of its reviews from twice a year to quarterly starting in 2024.
Core inflation in December was 3.3% year-on-year, slowing from its peak of 5.5% early last year.
