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Singapore Economy Expands at Slower Pace in Q4 2024, Asian Stocks Mixed

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SINGAPORE ECONOMY,ASIAN STOCKS,CHINA PMI

Singapore's economy grew by 4.3% year-on-year in the fourth quarter of 2024, easing from the 5.4% expansion in the previous quarter. However, the annual growth accelerated to 4% in 2024, compared to 1.1% in 2023. Meanwhile, Asian stocks traded mixed, with China leading losses after major markets resumed trading following the New Year's Day holiday.

Based on advance estimates, Singapore's economy expanded by 4.3% year on year in the fourth quarter of 2024, slower than the 5.4% growth in the previous quarter.

China's Caixin/S&P Global manufacturing purchasing managers' index for December fell to 50.5, missing economists' forecast of 51.7 in a Reuters poll. "Exports dragged on demand amid mounting uncertainties stemming from the overseas economic environment and global trade," said Wang Zhe, senior economist at Caixin Insight Group.

The annual economic growth in 2024 accelerated to 4%, compared with 1.1% in 2023, according to official data released Thursday.

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