SG’s finance and insurance industry expands 6.5% in Q1’24

Insurance was one of the economy’s growth drivers in the quarter,

In the first quarter of 2024 (Q1’24), the Singapore economy grew by 2.7% year-on-year (YoY). Key sectors driving gross domestic product (GDP) growth included finance & insurance, transportation & storage, and wholesale trade.

Singapore's Ministry of Trade and Industry's Economic Survey for the first quarter showed that services producing industries expanded by 3.9% YoY, with accommodation (14.4%), transportation & storage (6.8%), and finance & insurance (6.5%) posting the strongest growth. 

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Total employment increased by 9,800 quarter-on-quarter (QoQ), with services (+15,200) leading gains, whilst manufacturing (-3,100) and construction (-2,400) sectors saw declines.

Specifically, the finance and insurance subsector saw an additional 2,100 employed individuals. The insurance and auxiliary activities segments also recorded solid growth, with the former benefitting from strong net premiums.