By Xinghui Kok
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 an advance estimate of 2.8% released last month.
The fourth-quarter expansion was also below the 2.5% in a Reuters poll.
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%.
For the whole of 2023, GDP grew 1.1%, slower than the 3.8% in 2022.
“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.
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.
Edward Robinson, chief economist of MAS, on Thursday said monetary policy remained appropriate despite “continuing uncertainties on the growth and inflation front” which he said the central bank would monitor closely.
Core inflation in December was 3.3% year-on-year, slowing from its peak of 5.5% early last year.
(Reporting by Xinghui Kok; Editing by Martin Petty and Sam Holmes)
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