Singapore’s Q4 GDP growth speeds up By Reuters

© Reuters. FILE PHOTO: A ship docks at Keppel terminal in Singapore November 17, 2020. REUTERS/Edgar Su/File Photograph

SINGAPORE (Reuters) – Singapore’s financial system grew 1.2% in 2023, moderating from the three.6% progress in 2022, preliminary authorities information confirmed on Tuesday.

Gross home product (GDP) was up 2.8% within the October to December interval on a year-on-year foundation, in keeping with advance estimates from the commerce ministry. This was sooner than the 1% growth within the third quarter of 2023.

On a quarter-on-quarter seasonally adjusted foundation, GDP expanded 1.7% within the October to December interval, extending the 1.3% growth within the third quarter.

Financial coverage is due for a evaluation on the finish of this month after the central financial institution moved its evaluation from twice a yr to quarterly beginning in 2024.

In October, the central financial institution left financial coverage settings unchanged as inflation within the city-state moderated.

Singapore’s core inflation slowed to three.2% in November final yr from a peak of 5.5% in January and February.

In a central financial institution survey launched final month, economists reduce their forecasts for Singapore’s financial progress in 2024 to 2.3% from 2.5%, citing spillovers from slowing exterior progress as the highest threat to the monetary hub.