The quarter-on-quarter (QoQ) GDP growth rate for Q1 2024 has been revised from -0.3 per cent to -0.2 per cent and for Q2 it ranges from 1.1 per cent to 1.0 per cent.
The year-over-year (YoY) GDP grew by 1.9 per cent in Q4 2024. The growth was 1.8 per cent as per the first estimate. The upward adjustment is mainly since household consumption was adjusted upwards. The increase in investments contributed the most to growth, CBS said in a press release.
The country’s economic growth in 2024 was 1.0 per cent. In the first estimate, it was 0.9 per cent. Public consumption contributed most to growth in 2024. This was followed by household consumption.
The second estimate shows that the number of people in employment or self-employment increased by 41,000 in Q4 2024 compared to Q3 2024. According to the first estimate, the increase was 33,000 jobs. The second estimate for Q4 2024 suggests a YoY increase in the number of people in employment or self-employment of 95,000. That was 80,000 as per the first estimate.
The overall picture of the country’s economic growth in Q4 2024 as well as the full year 2024 remains unchanged, as per the CBS second estimate.
ALCHEMPro News Desk (SG)
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