SINGAPORE: Singapore's economy grew 1.2% in 2023, moderating from the 3.6% growth in 2022, preliminary government data showed on Tuesday.
Gross domestic product (GDP) was up 2.8% in the October to December period on a year-on-year basis, according to advance estimates from the trade ministry. This was faster than the 1% expansion in the third quarter of 2023.
On a quarter-on-quarter seasonally adjusted basis, GDP expanded 1.7% in the October to December period, extending the 1.3% expansion in the third quarter.
Monetary policy is due for a review at the end of this month after the central bank moved its review from twice a year to quarterly starting in 2024.
In October, the central bank left monetary policy settings unchanged as inflation in the city-state moderated.
Singapore's core inflation slowed to 3.2% in November last year from a peak of 5.5% in January and February.
In a central bank survey released last month, economists cut their forecasts for Singapore's economic growth in 2024 to 2.3% from 2.5%, citing spillovers from slowing external growth as the top risk to the financial hub. - Reuters