SINGAPORE — Singapore lowered its full-year growth for 2023, as official data on Thursday showed the economy grew 1.1% last year compared to an earlier estimate of 1.2%.
Growth in 2023 was largely driven by "other services industries" which grew by 3.9% year-on-year.
Information and communications, as well as transportation and storage sectors also drove growth,"All sectors except for the manufacturing sector recorded full-year expansions," the Ministry of Trade and Industry reported.
Last year, the manufacturing sector — a key driver of the economy — contracted by 4.3%, reversing from the 2.7% growth in 2022.
The construction sector grew by 5.2%, an improvement from the 4.6% expansion in 2022.
Organizations:
Singapore Central Business District, ArtScience Museum, Ministry of Trade, Industry
Locations:
Sands, Marina Bay, Singapore, SINGAPORE — Singapore